First Time Home Buyers

What a great time to buy a home in the Charlotte area. Mortgage rates are at historic lows and many sellers now realize they have to price their property correctly. This article in the Charlotte Observer covers the first time home buyers tax credit which was authorized by the economic stimulus package. The law allows for a tax credit which is equal to 10 percent of the purchase price or $8,000 whichever is greater. Add in my commission rebate for government employees and union members and you have the makings of the perfect storm for buying a home.

Buying house for first time? Uncle Sam has a gift
An $8,000 tax credit is sealing the deal on some home sales.

By Nancy Stancill
nstancill@charlotteobserver.com

Calvin Davis got a great deal on his first home a few weeks ago, paying $116,000 for a four-bedroom, 2 1/2-bath foreclosure in Monroe.

But that wasn't all. The 42-year-old handyman went straight to his accountant, filing papers for the new first-time homebuyer's tax credit. Within 10 days, he got $8,000 – using it to put in new carpeting, pay off a debt and boost his savings...