Indianapolis/Fishers Real Estate

Buying your first home in Fishers or elsewhere in the country just got $500 better than the current credit in place, albeit $7,000 worse than the original proposed credit a week ago.  The Economic Stimulus package that passed in the House (246 to 183) and last night in the Senate (60-38) will most likely be signed into law on Monday.  The best synopsis of the difference between the previous $7,500 credit and the new $8,000 credit is provided by the National Association of Realtors (NAR).

The gist of the bill as it related to buying a home in 2009 appear to be:

1. Tax Credit is $8,000
2. If does not have to be repaid if you live in the home for three years
3. Full credit limited to couples making less than $150,000; individuals making less than $75,000
4. Only applies to first time homebuyers
5. It applies to a home purchased from 1/1/09 through 11/30/09.

What does this mean for a Fishers Home Buyer?  It means that rates are still low, inventory’s are still high, sellers are motivated, and it is a great time to buy.  I personally think the best part of the revision is that you do not have to pay the $8,000 back as long as you stay in the home three years.  What a great incentive to buy your first home!

The tax form can be filed with your 2008 or your 2009 taxes; the form you need is Form 5405

 Cindy “in Indy” Marchant - Fishers Real Estate Agent
Keller Williams Realty Indy Metro NE
Fishers IN Real Estate Website
317-290-7775