This is a Sponsored Post written by me on behalf of Coldwell Banker. All opinions are 100% mine.
Even though it is a balmy 40 degrees during the "January thaw" here in the Roxiticus Valley, New Jersey, it's not even close to warm enough to think about opening our beach house. It is, however, warm enough to dream about sunny summer afternoons playing in the waves and relaxing on the beach in Bay Head with Rex, London, and Maddie... heading back to the house for my six o'clock beer, while Rex grills a steak or steams 100 clams for dinner, and London and Maddie paint seashells that they gathered during the day.
There's not a day that goes by that I'm not thankful for all that I have... good health, a loving family, and a house at the beach in Bay Head, New Jersey. Last summer, as we all struggled through the miserable economy, it was discouraging to see so many classic beach houses for sale (and not selling, and not selling, and not selling) all around town. I hope that when we open our beach house in April, we'll see signs that other families are taking advantage of the 2010 Homebuyer Tax Credits to find a home at the beach in Bay Head.
The best deal is for first-time homebuyers, or those who have not owned a home in the last three years, who can receive up to an $8,000 tax credit. Rex's son, PostBoy, and his new bride, MathGirl, took advantage of the 2009 credit to buy their dream home in Connecticut last Fall.
The first-time homebuyer tax credit was working towards economic recovery, but what the housing market and our national economy needed was an incentive for the "move-up" buyer. According to the 2009 National Association of Realtors® Profile of Home Buyers and Sellers, the number of first-time home buyers rose from 41% to 47% of all home sales last year, and was the highest on record dating back to 1981. So this year, existing homeowners can benefit when they buy a new home, too: homeowners who have lived in their current home consecutively for 5 of the past 8 years can receive up to a $6,500 tax credit when purchasing a home. There may be no future extensions, so all qualified homebuyers are encouraged to act now (even though it's too cold for the beach) and have a written, binding contract by April 30, 2010 (close by June 30, 2010). The income limits are $125,000 for singles and $225,000 for married couples, with a $20,000 phase-out of the credit for both.
Visit Coldwell Banker to do your own research... you can even start a new Home Search on the site for your own house in Bay Head, NJ... hope to see you on the beach this summer!