Outer Banks Report – July 2009

Outer Banks Real Estate Report – July 2009

Real estate in the Outer Banks has been heating up, just like the Summer.  We are starting to see homes move off the market much faster.  For those interested in bank owned homes, lately we have seen homes be on the market under 10 days before having multiple offers.  Needless to say, there are some excellent opportunities folks are taking advantage of and not only with bank owned homes.  Many opportunities exist up and down the Outer Banks.

If you are ready to learn more, contact Dawn for a buyers consultation. From Corolla to Ocracoke let her experience help narrow your search for the best home’s possible. Once Dawn knows what you are looking for, she can notify you of opportunities the day they become available.

Since there are such excellent opportunities in bank owned homes, we decided to include the entire list below. Also you will find a the 2nd Quarter Outer Banks Real Estate Wrapup, information on the First Time Home Buyers Tax Credit, Mid Currituck Bridge Update, and more.

First Time Homebuyers Tax Credit

· 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 purchased on or after January 1, 2009 and before December 1, 2009.

· Single taxpayers with incomes up to $75,000 and married couples with incomes up

to $150,000 qualify for the full tax credit.

Visit www.federalhousingtaxcredit.com for answers to the most often asked questions about the tax credit.

Update on the Mid Currituck Bridge