The homebuyer tax credit, due to expire at the end of November looks like it is going to be extended through April 30, 2010!
What does this mean?
First of all, first-time home buyers who are in the process of making a purchase will no longer need to worry about qualifying for the $8,000 credit if they close after the original November 30 deadline.
Second of all, there is an addition to this legislation! This new legislation makes "move-up buyers" (aka not first time home buyers) as well as first-time buyers eligible for a credit. The $8,000 maximum first-time buyer credit will continue, but additionally a new $6,500 maximum credit will also be available to move-up homeowners who have lived in their current residence for 5 of the last 8 years.
It is important to note that these credits continue to only apply to primary residences... not vacation properties.
The tax credit has seems to have stimulated the housing market, placing existing home sales at the highest level in more than 2 years.
So whether a first time buyer or a move-up buyer, this new legislation could help you achieve your real estate dreams!
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