It's a race against the clock for potential first time home buyers in an attempt to find the perfect Virginia Beach Home for sale. We all wonder how many will reach the finish line before we do. What is the race all about anyway?

I am sure that many of you have probably heard a lot about the American Recovery and Reinvestment Act of 2009 (ARRA) by now. If you haven't heard about it, you must have been locked in the closet. If you are looking for Virginia Beach homes for sale and have not heard of the ARRA which is a special good deal for first time home buyers, you need to hurry as you can receive a total of $8,000 bucks back on your tax return for the year. It is a little gift from the federal government to spike up the economy. If you are single you max money is $8,000 bucks but if you are married and file separately then you will be cut to a measly $4,000 dollars.

Sounds wonderful, doesn’t it? With the tax credit, your taxes are matched dollar-for dollar. This means, if you owe $9,000 in taxes for 2009 and get the full $8,000 tax credit, you’ll only owe $1,000 in taxes. That’s quite a bit of money to save, especially now. Better yet, if you don’t owe anything, that tax credit may become a tax refund - $8,000 of refund, to be exact. Sounds like a good deal dont' it? With the tax credit you will receive dollar for dollar. This means that if you owe more than $8,000 in taxes for the 2009 year, you get a full $8,000 tax credit and will cut your taxes to zero if you only owe $8,000 but if you owe more than $8,000 you will need to pay the difference. Right now until the extension comes thru you only have till November 30, 2009 to close the sale of your home. Though its seems you still have plenty of time, that really is not true, as to qualify for the tax credit, you have to have the some closed by that date. So now you know what we mean by the race to find a home, time is almost over. If you want to buy one of the Virginia Beach Homes for sale, and you can afford it, and have been waiting for that just rite time, the time is here and not much time remains.

However, if you plan to buy a home, but cannot afford it yet, don’t let the tax credit push you into a tight monetary situation that could lead to bankruptcy and destroy your credit for life. It is much better to take the time to build up savings and equity and just wait until you can buy a home you can afford! I can definitely help you if your are ready and willing and are a first time buyer and want to take advantage of the tax credits, before it ends shortly. Call me now at 757-587-9856 or email me at tommytx@earthlink.net.

Keyword/Tag: Virginia Beach homes for sale