Real Estate News and Information

about the Rhode Island real estate market and information for homeowners, home buyers, sellers and investors.

It Seems No One is Talking About The Homebuyer Tax Credit Any Longer....

But there is still time left to purchase a home and take advantage of the first-time homebuyer tax credit.

Here is a brief summary:

The maximum credit is $8,000 for a first-time homebuyer -- that is, a buyer who has not owned a primary residence during the three years.

The new law also provides a "long-time resident" credit of up to $6,500. To qualify this way, a buyer must have owned and used the same home as a principal residence for at least five consecutive years of the eight-year period.

Buyer must enter into a binding contract by April 30, 2010, and has until June 30, 2010 to close on the purchase (April 2011 for military personnel stationed overseas).

The income limits is $125,000 for single filers, or $225,000 for joint filers. Single filers with income between $125,000 and $145,000, or $225,000 and $245,000 for joint filers, are eligible for a reduced credit.

Brief restrictions:

Dependents are not eligible to claim the credit (parent selling to child)
No credit is available if the purchase price of a home is more than $800,000
The new property must be a primary residence

More info on Home Buyer Tax Credits

From FederalHousingTaxCredit.com
From IRS.gov
From RE/MAX.com

REALTOR® Statistics Point To Continued Housing Market Recovery

Warwick, RI, January 28, 2010…December home sales statistics released today by the Rhode Island Association of Realtors (RIAR) indicate a continued recovery in the Rhode Island housing market. The median price of existing single family homes rose for the second consecutive month, up 5.3 percent, from $190,000 in December 2008 to $200,001 last month. The number of sales increased 18.5 percent year over year, the ninth consecutive increase in monthly sales this year. Foreclosures and short sales decreased, accounting for 33.3 of all single family sales in December 2009 compared to 43.3 the year prior. The median price of an existing single family home sold by conventional terms, not under duress, was $230,500.
        For full release and accompanying statistics, click here.

RI Stats Comparision for December 2008 to 2009 - Single Family Houses

RI Stats Comparision for December 2008 to 2009 - Multi Family Houses

RI Stats Comparision for December 2008 to 2009 - Condominiums