Minnesota Real Estate Blog

 The deadline is fast approaching. If you're in the market for a new home and are hoping to take advantage of the tax credit, here's what you need to know:

 

1. To qualify, first-time and repeat buyers must enter into a written binding contract by April 30, 2010 and close by June 30, 2010.

 

2. You qualify as a first-time homebuyer if you (and your spouse, if married) have not owned a primary residence for a 3-year period before your purchase, and you have never taken advantage of the DC first-time homebuyer credit.

 

3. Buyers qualify for the repeat buyer credit if they have lived in their primary residence for five consecutive years of the past eight years. A primary residence is generally regarded as the residence where an individual spends most

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ryback_625PRIDE this year was as major hit! We'd love to thank everyone who stopped by our Lakes Area Realty booth! We had an enormous turn out at our colorful booth and we think the perfect weather added to the high attendance and interest.

This year, we had cool Lakes Area Realty whistles (which went like hot cakes), cold water for booth visitors and of course Hawaiian leis to hand out to add to the frill of it all. Bright yellow Lakes Area Realty bandanas were also distributed to the canine attendants! Those were a major hit as well!

Speaking of canines, in our effort at Lakes Area Realty to embrace community, we sponsored Second Chance Animal Rescue, a local animal shelter as our organization of choice this year. There were darling and friendly dogs available

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LAKES AREA REALTY AT PRIDE

pride2_430Come visit the troops from The Lakes Area Realty Uptown Office at booth number 4079 on the east side of Loring Park for the 2009 Pride Festival. We will be there Saturday June 27th and Sunday June 28th from 10:00 AM to 6:00 PM.

Free whistles will be handed out for the first 500 visitors!

There will also be a drawing held with prizes ranging from a one night stay at The “W” Hotel in The Foshay Tower, to a party package for up to 40 people at The Park Tavern Bowling & Entertainment Center, and a Minnesota Lynx package giveaway including tickets for 2 games.

Come on down and take part in the fun.  Visit with our agents who are hosting the event - Clay Lowen, Lance Fraser, Kathryn Schwartz, Ricardo Sereno, and Sarah Maske.

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$8,000 First Time Home Buyer Tax Credit

$8,000 First Time Home Buyer Tax Creditjcredit_311As many people are aware, there is an $8,000 first time home buyer tax credit available. That in conjunction with low interest rates and the incredible affordability of entry level homes in today's market makes it a great time to buy.

General Information on the Tax Credit Program:

The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.

The tax credit does not have to be repaid.

The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

The credit is available for homes…
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