Who Qualifies As A First Time Home Buyer?

Hello Hampton Roads,

There is good news for home buyers and especially good news for those who qualify as a First Time Home Buyers!  Record amounts of inventory make for a buyer’s market--according the latest Multiple Listing Service statistics from May 2009, Virginia Beach has 8.89 months of inventory on the market, which means that at today’s rate of home sales, it would take 8.89 months for all these homes to sell if no other homes came on the market (six months of inventory and more is considered a buyer’s market). Homebuyers have more properties to choose from and can therefore negotiate more to their benefit. First time home buyers are also rewarded by being eligible for the 2009 $8,000 tax credit!

Could an $8,000 windfall be in your future?

First let’s see if you qualify: “Who qualifies as first time home buyer?”

A first time home buyer is a buyer who has not bought a principal residence for the past three years. For married couples, this three-year period applies to both the husband and wife. Ownership of a vacation or rental property does not disqualify one as a first time home buyer since these properties were not used as a primary residence.

Serving your Hampton Roads and Virginia Beach Real Estate needs.

Sidebar: For More Information about the First Time Home Buyer Tax Credit of 2009, please email me and I will be happy to email you a handout with more details.


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