If you have lived in your home for 5 of the past 8 years or are a new home buyer looking to purchase Central Ohio real estate act fast because the tax credit is nearing expiration.  The extended and expanded home buyer tax credit can be used on Central Ohio homes if they are under contract by April 30, 2010.  This means that there is only a month to locate your new Central Ohio home.

• Homes must be closed by July 1, 2010, under contract by April 30, 2010.
• Homes must have a value of $800,000 or less and must be the buyer’s primary residence.
• There are income restrictions, $125,000 for singles, $225,000 for couples.
• The credit is also affected by being single or married.  Married couples who file together are entitled for up to $8,000 for a first home buyer, up to $6,500 for current homeowners.  Single people are entitled for up to $4,000 for a first time home buyer and $3,250 for a current homeowner.
• The credit will need to be repaid if you sell your home within a time period of 36 months.

Remember, time is running out.  Contact us today to start looking for your ideal Central Ohio real estate if you intend on using the tax credit.

If you are looking to buy or sell a property in New Albany, Gahanna, Blacklick, Westerville, or another Central Ohio community, please contact The Raines Group. We offer professional real estate advice and are happy to help you achieve your real estate goals. Please contact us today via our online contact form or by calling The Raines Group at 614-418-7417.

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