Cleveland, OH – March 25, 2010 – (RealEstateRama) — With 3,800 members strong, the Cleveland Area Board of REALTORSR (CABOR) is poised and ready to help homebuyers take advantage of federal tax credits worth up to $8,000 for first-time buyers and $6,500 for repeat buyers. CABOR members are making sure house hunters have what they need to close a deal.
According to Chairman of the Board of Directors for CABOR, George J. Pofok, CCIM, SIOR, CABOR members are available and ready to assist homebuyers with everything from identifying red flags that might slow down the closing process, such as short sales, to accelerating the search in finding their dream home using CABOR’s vast range of resources. “Visitors to the CABOR Web site can enter their zip code to view an alphabetical list of nearby credentialed REALTORS and get started on their search,” explained Pofok.
“With mortgage rates at historic lows and housing prices stabilizing and anticipated to rise, now is a great time to buy.”
You can qualify as a “first-time homebuyer” if you or your spouse did not own a residence three years prior to the purchase of a single-family, home, condo, townhome, or co-op between November 7, 2009 and April 30, 2010. The maximum credit for first-time homebuyers is $8,000. Each homebuyer’s tax credit is determined by the buyer’s income and the price of the home. Single buyers with incomes up to $125,000 and married couples with income up to $225,000 are eligible for the maximum tax credit.
The purchase price of the home must be less than $800,000 for first-time buyers as well as existing owners, and as long as a written binding contract to purchase is in effect by April 30, 2010, you will have until July 1, 2010 to close.
Long-time homeowners who buy a replacement home can claim a homebuyers tax credit of up to $6,500, or up to $3,200 for a married individual filing separately. To qualify, you must live the same principal residence for a five consecutive years within the previous eight years. The replacement residence does not have to cost more than the old house and it cannot be a vacation home. Individuals moving from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the credit as well.
Founded in 1892, the Cleveland Area Board of Realtors (CABOR) is the voice of real estate in Northeast Ohio. CABOR is a non-profit organization and one of the nation’s largest REALTORR associations with more than 3,800 members in Ashtabula, Cuyahoga, Geauga, Lake, Lorain, and Medina counties. Guided by a mission to serve the community, real estate professionals who sell real property, and businesses that work in or with the real estate industry, CABOR provides a variety of services to its professional members including education, insurance, affinity programs and legislative representation, as well as membership in the Ohio Association of Realtors (OAR) and the National Association of Realtors (NAR).
For more information, contact Carla Roehl, Chief Executive Officer or Michael Valerino, Marketing Director, at the Cleveland Area Board of Realtors (CABOR). Phone: (216) 901-0130 E-mail: <mailto:croehl (at) cabor (dot) com> croehl (at) cabor (dot) com or <mailto:mvalerino (at) cabor (dot) com> mvalerino (at) cabor (dot) com Web: www.CABOR.com
Agency Contact: Sally Stevens, Executive Vice President, Stevens Baron Communications, Inc.
Phone: (216) 621-6800 ext. 14 E-mail: <mailto:sstevens (at) stevensbaron (dot) com>
sstevens (at) stevensbaron (dot) com Web: www.stevensbaron.com