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Tax Credits and Fredericksburg Texas Real Estate

Sep 14, 2009

In order to qualify for the credit, a person must not have owned a primary home with in the last three years.  And there are income requirements; single taxpayers can earn up to $75,000 and for married couples the limit is $150,000.  Only between January 1, 2009 and December 1, 2009 is the credit available and the dollar amount is the greater of $8,000 or 10 percent of the price of the home.  Unlike earlier tax credits, repayment is not necessary.

One popular plan in the House of Representatives would extend the period to claim the tax credit and enable all home-buyers the opportunity to benefit from the credit; never mind the income level or home buying experience of the buyer.  The general belief is that the plan would create stable prices, reduce foreclosures and allow the market to reach bottom.  The proposal is yet to be in place, however, and with only a short span of time to take advantage of the currently available opportunity, time is of the essence.

The Fredericksburg Texas real estate market has certainly been affected by these developments but not to the degree as in the larger markets.  Fredericksburg is a unique town and though we have our share of new home buyers, the typical home buyer is not a newcomer to real estate.  imageThere are many second home buyers and retirees as well as professionals working at home or commuting to work.  So has the tax credit affected the Fredericksburg TX real estate market?  Perhaps not extensively. But with the hope that perhaps all good things are not quite gone, and the plan proposed in the House might come to pass, we can use a different saying; that ‘a rising tide lifts all boats’.  Let’s hope we all get to go fishing soon!

Find out more about Fredericksburg Texas real estate.  Our street are tidy,  the hospital is state of the art, cultural arts are local yet sophisticated and educational opportunities abound.  Let me help you find your home in the Texas Hill Country.  Call me at (830) 456-6243 or email (JavaScript must be enabled to view this email address).