Sunshine Properties says time is of the essence in taking advantage of homebuyer tax credit

FALLBROOK — The average home purchase takes approximately 45 to 60 days to close.

With that in mind, Sunshine Properties GMAC Real Estate said last week that local consumers hoping to own their first home and take advantage of the federal government’s $8,000 tax credit must act quickly, since the unprecedented offer expires December 1.

“Time is quickly running out for first-time buyers to claim this unusual and generous federal tax credit,” said Samee Foster of Sunshine Properties GMAC Real Estate. “What makes the $8,000 credit even more appealing is that it can also be used toward a down payment. Combined with a great selection of homes for sale and motivated sellers, now is an excellent time to move from renting to owning your own home.”

Offered through the American Recovery and Reinvestment Act of 2009, the one-time $8,000 tax credit is available to first-time buyers who purchase a new or resale home.

Homebuyers can claim the $8,000 on their federal income tax return or apply it to their down payment.

The credit is available to a wide income range: up to $75,000 for single taxpayers and up to $150,000 for married taxpayers filing a joint return. Detailed information is available at http://www.federalhousingtaxcredit.com.

For more information on the federal tax credit program and the local housing market, contact Sunshine Properties GMAC Real Estate at (760) 728-8855.