Breaking It Down: The $8000 Federal Tax Credit for First Time Beaufort SC Home Buyers
Posted by Todd Covington on Friday, April 24th, 2009 at 5:11pm.
Today I want to post a video that breaks down some of the details of the Federal $8000 Tax Credit for New Home Buyers. This housing credit is somewhat complicated because it applies to so many of us. It may surprise you reading this, but an amazing 40% of home purchases are made by first timers. With the real estate market is such a slump, some estimates have first time buyers equaling up to 60% of closings. A big reason that percentage is now so high is because of a couple factors. Those factors are: the Federal $8000 Home Buyer Credit, historically low interest rates, and many foreclosures being gobbled up.
Even as a Beaufort SC Realtor, I sometimes have a tough time getting through all the legal jargon associated with some of these tax credits. While I'm pretty knowledgeable on this credit, I found a video on Youtube that I thought breaks it down better than I could with a rambling blog. So check out the video below. It is very informative if you are a first time buyer.