If you’re a homebuyer that has been in your previous home for the past five years out of the past eight years then you may qualify for the new $6,500 repeat homebuyer tax credit for your next purchased home!

First things first: the tax credit is available now. If you fit the criteria- you’ve owned and resided in your current home for five out of the past eight years, and if your household income as an individual is $125,000 or less or is $225,000 or less as a couple- you can claim the credit as soon as you close on a qualifying home!

There is no “move up” requirement to receive the new tax credit. Which means it could be next week, next month, or even next winter. If you are a homeowner who is looking to downsize into a smaller dwelling this tax credit may be just right for you, along with people that are relocating due to employment changes.

If you fit the criteria and are considering purchasing another home this year, you might want to speed the process and sign a contract by April 30 and close by June 30th’s expiration date. Think of it this way: if the government is willing to give you a $6,500 tax credit to act a little faster than you had originally planned, hey, why not?

The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.

Some other features about the tax credit you ought to know about:

• Whatever you plan to purchase the home cannot cost more than $800,000.
• There is no requirement in the legislation that you must sell your current home right away, but the newly purchased home must become your main place of residence.
• Like the first-time home buyers credit, the $6,500 version permits a broad range of dwelling types for your purchase.
• These include newly constructed or existing single-family homes, condominiums, manufactured or mobile homes, and boat homes. Keep in mind, you cannot claim the credit if you are buying a second home or an investment property.

Price it Right

Find out what your home is worth, and then take 10-15 percent off the price. Even in the worst of markets you’ll see a flurry of activity and even multiple offers to choose from. This is the single best strategy to make your home stand out from the rest.

Empty the Closets

Storage is something every buyer considers when looking at a home and something we can never have enough of. Take half the stuff out of your closets and neatly organize what is left. Be sure to keep all closets and cabinets clean and tidy.

Let there be Light

After location, good light takes high priority on the “must have” list for buyers. Remove heavy drapes, clean the windows and cut back any shrubs that block the sunshine. Bright and cheery= more money for you!

Do Updates not Downgrades

Quick fixes before selling will pay off, major makeovers, not so much. You most likely wont get your money back if you do a huge improvement project before you put your house on the market. Do updates that will get you top dollar. Apply a fresh coat of neutral paint; replace out-dated light fixtures and cabinet hardware. Fix leaky faucets and make sure doors and windows properly close.

The Kitchen is Number 1

The fastest, most in-expensive kitchen updates include painting and new cabinet hardware. Use neutral color paint so buyers can envision their own style. If you have a little money to spend buy one high end appliance. Why one? When people see on high end appliance they tend to focus on that rather than the ones that are not.

Neutralize and Clean

Get rid of half of your stuff –put it in storage. Family photos, memorabilia, collections and personal keepsakes need to be removed so potential buyers can imagine themselves living there. The other plus is that your home will seem much larger when it is de-cluttered. Make sure everything is sparkling clean!

Be Ready to Show!

Your house needs to be show ready at all times. It is a little inconvenient, but it will get your house sold.

The First Impression is the Only Impression

Buyers judge your home before they walk through the front door. There are n second chances. Buyers want to feel warm and welcome as they approach the house. Manicured law and shrubs, pots of flowers at the entry and a well kept exterior will boost your curb appeal. You can typically get a 100 percent return on money you put into your home’s curb appeal. You never get a second chance to make a first impression, it is important to make the most of it.