Albany, NY – April 5, 2010 – (RealEstateRama) — Many local REALTOR boards/associations and their members across New York State and the country will be showing homes to the public as part of a Nationwide Open House Weekend, April 10-11, 2010. Local sellers will be able to showcase their homes and interested buyers will have an opportunity to visit houses in their area without having to make an appointment for a showing.
Homebuyers hoping to take advantage of the up-to-$8,000 tax credit for first-time buyers or the up-to-$6,500 tax credit for current homeowners will view homes in hopes of meeting the tax credit contract deadline of April 30, 2010. The tax credit will not likely be extended, so those considering buying a home in New York State should take advantage of this event and the possible opportunity to benefit from the tax credit before it expires.
Owning a home provides comfort, stability and a sense of community. With the homebuyer tax credit, a large inventory of houses and low mortgage rates, it’s never been a better time to buy a home. Interested buyers should contact a REALTOR, the local market professional, for information about open houses in their area. For more information on the home buying process and the homebuyer tax credit, visit www.nysar.com.
The New York State Association of REALTORS reminds consumers that:
• First-time buyers are eligible for a tax credit of up to $8,000 for home purchases that are under contract by April 30 and closed by June 30. The credit does not require repayment. Buyers using financing assistance from state and local mortgage bonds may use the credit as well.
• Current homeowners are eligible for a tax credit of up to $6,500 for home purchases that are under contract by April 30 and closed by June 30. Current homeowners must have lived in the home they are selling, or have sold, as principal residence for five consecutive years in the past eight years.
• The income limits for eligible homebuyers is $125,000 for single buyers and $225,000 for couples. The purchase price of the home cannot exceed $800,000. To help guard against fraud, buyers are required to attach documentation of purchase to their tax return.
• REALTORS have access to the most up-to-date and comprehensive property listing and sales information, making them a buyer’s best resource in finding the home that is right for them.
The New York State Association of REALTORS is a not-for-profit trade organization representing more than 54,000 of New York state’s real estate professionals. The term REALTOR is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS. These REALTORS are also members of the New York State Association of REALTORS as well as their local board or association of REALTORS.
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For additional information, contact:
Salvatore I. Prividera Jr.
Director of Communications and Marketing
New York State Association of REALTORS, Inc.
130 Washington Avenue
Albany, NY 12210
518-463-0300×208 office
sprividera (at) nysar (dot) com
