TeamCox Realtors has noticed a significant trend emerging over the past few months – First-time homebuyers are dominating the Denver real estate market. This hunch was substantiated by recent statistics from Metrolist and by a 7News story that ran last week, revealing that over 58 percent of April Denver-area home sales were priced between $110,000 and $300,000.
Denver homebuilders are also taking note of this new trend, and are going after this niche market in droves. Richmond Homes, which has had great success with its Seasons collection, is introducing another new product line aimed at first-time hombuyers that boasts gourmet kitchens. DR Horton is also touting Denver-area homes that priced below $200,000 on its website.
Whether you are looking for a brand new home, or a century-old one, the time is right for first-time homebuyers in Denver. The stimulus package includes many incentives for first-time buyers, including:
- A tax credit of $8,000
- Tax credit is 10% of purchase price, but no greater than $8,000
- The income limits remain the same: ($75,000 for an individual; $150,000 for a couple)
- FTHB (no ownership in last 3 years) and principal residences only
- Tax credit is available until December 1, 2009
- Recapture of tax credit is now waived (no repayment required) as long as the buyer lives in the home for three years
- The provision is retroactive to purchases made on or after January 1, 2009.
- Waiver of prohibition on financing by mortgage revenue bonds is included
- Married: both have to be FTHB’s
- Tax credit will be claimed on federal income tax return
For information on purchasing your first home in Denver, please contact TeamCox Realtors at 303-400-6060.
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Who Qualifies for the First-Time Homebuyer Credit?
If you are looking for a home in Denver and the surrounding area then contact TeamCox for professional Real Estate Assistance