Money appears to be flying around everywhere as the spending spree continues to help stimulate our ailing economy. Who would have ever thought that buying an Atlanta home would be a money making venture. Thankfully that’s the case! Lately the buzz has certianly been over the $8,000 first time homebuyer tax credit courtesy of the American Recovery and Reinvestment Act, but you should not forget about the state tax credit for homebuyers. There appears to be a lack of coverage on this topic, and we really want to make sure that everyone knows the value of this state income tax credit as well. If you don’t know about it, you can’t claim it. I don’t know too many people who aren’t interested in a little free money!
The difference here is that the state credit is for ALL homebuyers who purchase through November 2009, regarless of whether or not this is a first home or not. Our hope originally was that the existing $8,000 federal tax credit would have been for ALL homebuyers, but it just didn’t pass through Congress that way. Don’t get me wrong, we’re happy for the first time homebuyer credit! Our business has flourished this year in the face of all the challenges because of it!
The GA buyer credit is either $1800 or 1.2% of the purchase price, whichever is less, and it’s split over 3 years. Talk to your CPA for additional details. We have a great CPA named Ari del Aguilla with Ross-Lane that we would love to put you in contact with if you don’t already have one.
The federal and state tax credits along with low interest rates and elevated inventories are helping us climb out of this mess. Buyer beware though because we are starting to experience a new level of activity including more and more multiple offer situations. In our last 22 transactions, we have had 8 mulitple offer experiences. Don’t be left behind with leftovers. If you are a first time homebuyer, realize upfront that you are one of MANY buyers right now. Everyone is looking below $300,000, and because of that, properties are moving, especially the best of the best. In addition to the Atlanta first time homebuyer market, we have helped many Atlanta homebuyers sell their existing homes and move up. A down market is a great move up market. While the prospects of taking any sort of a loss on the sale side is less than appealing, the fear of loss is quickly replaced by the thrill of gain. Don’t forget about this state of Georgia buyer tax credit!
For additional information on the State of Georgia Homebuyer Tax Credit, please click here for a link to the Governor’s office’s official press release.
With the opportunities available to today’s first time homebuyer and Atlanta homebuyer in general, it is important that you have a real estate agent who’s on your side. You need an agent that will help you make the best investment for your future while meeting your short and long term needs and goals. Andy and Lesley Peters with The Peters Company at Keller Williams Realty are proud to represent buyers in the metro Atlanta inside and outside the perimeter including Downtown Atlanta, Midtown Atlanta, Brookwood, Buckhead, Brookhaven, Decatur, Sandy Springs, Chamblee, Dunwoody, Norcross, Smyrna, Kennesaw, Marietta, Roswell, Alpharetta, Cumming, Duluth, as well as other surrounding metro Atlanta areas. As homeowners and agents, we have lived and worked inside and outside the perimeter, and we appreciate the benefits of both locations. For more information about The Peters Company, visit our website at www.thepeterscompany.com. You’ll also find us on Kudzu.com where we have received well over 40 5-star reviews and are ranked as one of Atlanta’s highest rated real estate teams. Give us a call today at 770-634-2782. Whether buying or selling, it would be our pleasure to help you maximize your opportunity and take advantage of this real estate market!