Are you looking for some good reasons to take the plunge into homeownership?  Certainly, there are many, but here are a few to chew on before you call Don Kingsley Real Estate and begin your search.

If you haven’t owned a home in the last three years, then you qualify as a “first time buyer,” and you are eligible for up to an $8,000 tax credit if you purchase a home before December 1, 2009.  Combined with low interest rates, now is an excellent time to seek financing and make your move.  If you get a fixed rate mortgage, your monthly payment will always remain the same, while rent and everything else keeps going up.

The investment potential of buying a home is very attractive right now, because values that were driven down by foreclosures will climb back upward.  That means the value of the home you buy now will rise, and soon, resulting in instant equity!

As an example, think about the return on that investment.  If you put $10,000 into the stock market and were fortunate enough to earn 10% in one year, your profit would amount to $1,000.  Put that same $10,000 into a home purchase that appreciates 5%, and you’ve made $5,000 for the same one-year period.  In real estate terms, this is called leverage.  For the past 50 years, the average home appreciation in the Central New York area has been approximately 5%.

Finally, there is simply the security of owning your own home and having absolute control over making it as comfortable as possible for your lifestyle.  Need more reasons?  Call a REALTOR® from Don Kingsley Real Estate today!

For FREE information on buying a home, call us, stop by the office or if you prefer, email me at donkingsley@kingslrealestate.com.  I will be happy to provide you with the articles below to start your search.

- Tax Benefits of Homeownership
- 6 Creative Ways to Afford a Home
- How Big of a Mortgage Can I Afford?
- 10 Questions to Ask Your Lender

ALERT: The New York State housing market posted sales gains for the third consecutive month with an 11-percent increase in closed sales of existing single-family homes in May compared to April, according to data accumulated by the NYS Association of REALTORS®. 

Buyers have to close on their homes no later than November 30, 2009, to take advantage of the first-time buyers tax credit authorized in the American Recovery and Reinvestment Act of 2009.   Consult now with your tax advisor and Don Kingsley Real Estate to get moving!

Most first-time buyers (who haven’t owned a home in three years) will qualify.  If you’re married, you and your spouse must both satisfy this description. 

There are income limits for claiming the credit of up to 10% of the home’s purchase price, which maxes out at $8,000.  If your modified adjusted gross income (on IRS Form 1040, line 37) is less than $75,000 for individuals or $150,000 for married filing jointly, you can claim the maximum credit.  For incomes up to $95,000 or $170,000 respectively, the credit is reduced.

This is not a tax “deduction,” but a tax “credit,” meaning that the amount you claim is reduced from your total tax bill!  If you will owe less than $8,000 on your 2009 return, you’ll get a REFUND from the IRS for the difference!  I urge you to take this money from the government and make your move before December!

Call a REALTOR® from Don Kingsley Real Estate, today, to begin your home search!  If you prefer, email me at donkingsley@kingsleyrealestate.com and I’ll help get you on the road to homeownership!