Home Buyer Tax Credit

The Home Buyer Tax Credit will expire at the end of April and folks need to be in escrow by that date. It's a great deal for first-time buyers and people who are changing their primary residence. However, it hasn't been such a big deal in Green Valley Arizona. There are a couple reasons for this. First, Green Valley is, for the most part, a retirement community. The vast majority of our home buyers already own, or have recently owned, real estate and therefore don't qualify for the first-time buyer tax credit. Others will qualify for the current homeowner tax credit only if they're changing their primary residence. Roughly half of our residents are winter visitors and, if they purchase a home in Green Valley, it's often their vacation home, not a primary residence. Hence, a small percentage of our home buyers qualify for either tax credit. On the positive side, it's very easy to determine if a home buyer could qualify and should be interested. If they are, a good Realtor will manage the timeline to ensure that they get into escrow by the end of April with a closing date before the end of June.