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We will survive the expiration of tax credits
I have been selling homes in the Buffalo Grove market for over 30 years and I am convinced that the real estate market will continue to improve now that the tax credits have expired.
Buffalo Grove has great schools, wonderful parks, a wide range of reasonably priced homes and is close to everything. These are the things that buyers always look for. They haven’t changed.
I came across an article below that showing that yes the tax credits helped but that people are confident that prices will go up. I agree especially for Buffalo Grove real estate.
“End of Home Buyer Tax Credit unlikely to deter most real estate buyers
The expiration of the 2010 Home Buyer Tax Credits is unlikely to put off Americans looking to purchase homes who believe now is a good time to buy and are confident that home prices will rise according to a recent surgey 1,000 Americans between the ages 25-64 with at least $35,000 household income that was completed buying April 15-20, 2010. More than 90% of consumers believe that the home buyer tax credit have helped both first-time home buyers and the U.S. housing market overall. RIS Media”
Mortgage Interest Equals Tax Deduction
All of the amenities available in town is a great reason for owning real estate in Buffalo Grove. Now that tax time is here there is another good reason for owning real estate, the mortgage interest tax deduction.
Interest payments on your original mortgage, assuming the mortgage isn’t larger than the home’s purchase price and improvement costsare fully deductaible for most homeowners. That’s a key reason why homeownership is a superb tax shelter. Mortgage interest on a second home is also deductible.
Note: For mortgages taken out more than 90 days after a home purchase, your interest deduction is usually limited to the to the amount of the original (acquisition) mortgage plus $100,000. However if you some of the new mortgage is used to improve your home, you can add that amount to the deduction limit.
Please talk to your tax adviser for all specifics. Talk to us if you want to buy or sell in Buffalo Grove and the surrounding areas. Real estate is still a fabulous investment and a great way to get a tax deduction.
