8,000 Dollar Homebuyers Tax Credit - Better Than You Think!

You've heard about the $8,000 First Time Homebuyer's Tax Credit. And you've thought it might come in handy ... someday.

But you're not sure it'll help you now, today. With the projects that require an urgent infusion of cash.

The house you're planning to purchase is in fundamentally good shape, but the landscaping needs attention and you want to install window treatments, too.

Now you can. A little loophole in the $8,000 First Time Homebuyer's Tax Credit allows you to purchase the house between January 1, 2009 and December 1, 2009 and then immediately file an amendment to your 2008 tax return, in order to take immediate advantage of the tax credit.

"Hold on," you say. "How can I purchase the house in 2009 and take the tax credit on my 2008 return?"

In a word, "loophole".

The federal government is doing everything it can to get the stimulus package into circulation. The intent of the bill is to infuse the economy with cash. The feds want you to spend money on landscaping; they want you to install those new window treatments.

Keep in mind, first time homebuyers are defined as those who haven't owned a home in the last three years. Home purchases must be made between January 1 and December 31, 2009 in order to qualify for the $8,000 tax credit.

So go ahead. Work with your trusted real estate advisor. Select a solid home with a good foundation. Hire a qualified home inspector to make sure it's a sound investment. Move forward with the purchase, enjoying one of the lowest mortgage interest rates in history. And then enjoy the $8,000 tax credit.

Scott Finley a designated GRI, CRS and Broker/Owner of Help-U-Save Real Estate. A prominent name in Rochester MN real estate with over 22 years of Real Estate experience. Visit http://www.helpusavemn.com for details, property listings, and information about finding beautiful Rochester homes for sale.

Rochester MN Market Update April 6th 2009

There are currently 1,090 residential properties for sale in Rochester, MN. The average list price for these properties is $227,165 (median $174,900) and the average market time is 148 days.

Last week (March 30 to April 5, 2009) there were 51 new listings and 16 that came back on the market with an average asking price of $189,641 (median $169,900) and $212,093 ($149,900) respectively. Two listings were withdrawn, seven canceled, 14 expired, and 21 extended.

There were 40 homes that went under contract (to pending) last week. These properties had an average list price of $173,355 (median $154,500) and an average of 113 days on the market.

The 29 homes that sold (closed) last week had an average sold price of $181,221 (median $155,000), 98.69% of the list price, 94.06% of the original list price. These homes had an average market time of 129 days.

Rochester MN Market Update March 30 2009

(March 23-29, 2009) there were 63 new listings and 13 that came back on the market. Average list price was $201,346 (median $165,900) and $233,107 (median $159,900) respectively. Seven listings canceled, one was withdrawn, ten expired, and fourteen were extended.

There were 35 residential properties that went under contract (to pending) last week with an average list price of $175,560 (median $149,500) and an average market time of 90 days.

The 18 homes that sold (closed) last week had an average sold price of $167,641 (median $142,445), 93.22% of the list price, 84.56% of the original list price. These homes had an average of 179 days on the market.

There are currently 1,096 homes for sale in Rochester, Minnesota. Average asking price is $227,482 (median $174,900); average market time is 149 days.

Rochester MN Market Update March 16 2009

There are currently 1035 residential properties for sale in Rochester, Minnesota with an average asking price of $226,907 (median $174,900) and an average of 155 days on the market.

Last week (March 9 through 15, 2009) there were 73 new listings and 9 listings that came back on the market. Average list price for these properties was $187,119 (median $159,900) and $187,366 (median $160,000) respectively.

There were 29 listings that went under contract (to pending) last week. Average asking price was $170,116 (median ($164,900) and average market time was 88 days.

The 11 homes that sold (closed) last week had an average sold price of $180,556 median ($151,500), 97.78% of the list price, 91.54% of the original list price. These properties had an average of 101 days on the market.

Four listings were withdrawn last week, 8 canceled, 11 expired, and 8 were extended.

Market Update Rochester MN March 9 2009

(March 2-8, 2009) 21 homes sold in Rochester, Minnesota. The average sold price of $188,948 (median $143,600) was 96.35% of the average list price, 88.31% of the original asking price. These homes had an average market time of 140 days.

There were 90 new listings last week and 19 properties that came back on the market. The average list price for these properties was $212,507 (median $174,900) and $199,715 (median $169,900) respectively.

Last week 27 homes went to pending (under contract) with an average price of $180,978 (median $156,900) and an average of 135 days on the market.

Seven listings expired, two were withdrawn, 12 canceled, and 14 were extended.

There are currently 997 active residential listings in Rochester. Average price is $229,302 (median $175,000) and average market time is 158 days.