Real Estate Advantage helps homebuyers take advantage of stimulus check

POSTED: April 18, 2009 JAMESTOWN - While the housing market continues to stammer across the nation, at least one local real estate firm is reporting a banner year in 2008. The locally-owned Real Estate Advantage firm, with corporate headquarters located at 800 Fairmount Avenue, WE, Jamestown, recorded a banner year, distinguishing the firm as the area's market share leader based on data obtained from the Chautauqua County Board of Realtors, Inc., Multiple Listing Service. Real Estate Advantage reported 465 real estate transactions in 2008, acquiring 21 percent of the real estate market in the area. Real Estate Advantage co-owner and licensed real estate broker Richard Benedetto, stated although the market has been troubled nationally, local real estate sales continues to thrive. "Despite the tightened real estate market, we managed to have another good year," Benedetto said. "This is a tribute to the dedication of our experienced agents who really care about our customer's needs." The housing market looks even brighter in 2009 as this year's tax credit found in the 2009 American Recovery and Reinvestment Act will certainly have a positive impact on the local housing market. The new federal credit is designed to boost sales in the nation's sagging housing market. "The refundable first-time homebuyer government stimulus check of up to $8,000 is the centerpiece of housing incentives," Benedetto said. "The government housing stimulus checks are federal incentives to help revitalized the housing market, prevent foreclosures, and strengthen the economy. Using these and other sources of funds, we can help buyers by offering in-house bank financing and mange the entire home sale process from start to finish." Rules for 2009 first-time homebuyers tax credit applies only to first-time homebuyers and some previous home owners, defined as those who have not owned a home within the previous three tax years. The homebuyer's stimulus check does not have to be repaid unless the home is sold within three years. The stimulus check is available only for home purchased between Jan. 1, 2009, and Dec. 1, 2009. The stimulus check is restricted by income; phases out for individuals with an adjusted gross income of $75,000 or above and for married couples with a combined adjusted gross income of $150,000 or above. Stimulus check is for up to 10 percent of the purchase price, up to a maximum of $8,000. "For example, a buyer of a $150,000 home could receive a tax credit of a maximum of $8,000, while a first time buyer of a $70,000 home would be eligible for a stimulus check of $7,000," Benedetto said. "Another great benefit of the stimulus check is that homebuyers can take advantage of the tax credit on their 2008 tax return even when they have purchased the home in 2009." Homebuyers can take advantage of this filing exception in one of three ways: closing on the home prior to April 15, 2009, getting an extension to file taxes later in the year or filing an amended return. Benedetto advises, "If people are considering the purchase of a home and want to take advantage of the federal stimulus check, we can help them get started. The new stimulus check is only available on purchases made this year, so we caution homebuyers to act soon." Real Estate Advantage, specializing in residential, vacation and commercial property a full service premier real estate firm serving the western New York vicinity. Richard Benedetto and Earl Johnson, brokers and co-owners of Real Estate Advantage, along with the sales associates' team are widely known and respected for their in-depth market knowledge and represent home buyers and sellers. Real Estate Advantage has offices in Jamestown and Bemus Point. "The agents at Real Estate Advantage love where they work and are committed and passionate about delivering the best possible real estate experience," said Earl Johnson, co-owner and broker at Real Estate Advantage. "That's the kind of company we've always strived to provide our community." Real Estate Advantage provides a full-time support staff Monday through Saturday and 24-hour voice mail service. To take advantage of the federal housing stimulus check or to learn more about the credit, contact the Real Estate Advantage firm at 484-2020. For more information, visit www.REAhomesearch.com. Subscribe to The OBSERVER For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com