More Information

2009 vs. 2010 Home Buyer Tax Credit Comparison Chart from NAR. NAR Link.

Resources provided by the National Association of Home Builders. NAHB Link.

Why is a tax credit better than a tax deducation?

A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS.

A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $8,000 in income taxes. If the taxpayer receives an $8,000 deduction, the taxpayer’s tax liability would be reduced by $1,200 (15 percent of $8,000), or lowered from $8,000 to $6,800.
 

All Real Estate is Local. Local market conditions for the third-quarter 2009 are much better than what’s happening nationally:

• Lincoln is 199th of 203 cities on the RealtyTrac.com data for the rate of foreclosure
• The state of Nebraska ranks 44th in the overall rate of foreclosure
• State unemployment rate is 4.9 percent which ranks 48th in the nation
• 3rd Quarter 2009 - Highest number of single-family sales since 2005 (the record year)
• September 2009 - Highest number of listings reported as "under contract" in September EVER!!!
• 15% increase in number of home sales during third quarter (compared to 2008)
• 24.8% increase in number of home sales under $160,000 during third quarter (compared to 2008)
• Median home prices stable and affordable when compared to nearly all major US cities
• Local economy is more recession-proof than most; driven by the University and government
• Inventory of homes available for sale at lowest point since 2005; down 20 % from one year ago.

Great Selection. Current market conditions offer a great supply of homes to choose from. Search for homes for sale here.

Low Mortgage Rates. There are a variety of safe mortgage products available at low interest rates! With very favorable mortgage rates and a wide range of available inventory this is without question an excellent time to buy. View a history of mortgage rates here.

Very Affordable. Homes in the Lincoln Area provide an outstanding value and our community is regularly cited in national affordability studies. For consumers considering buying or selling a home, there is no one better informed than a local neighborhood REALTOR®. Be sure you are working with a professional who is a member of the REALTORS® Association of Lincoln.

You should always consult a professional for tax and legal advice.