We have some great news for first-time homebuyers! The Senate has agreed to extend the First Time Homebuyers’ Tax Credit through April 2010. The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November.
More great news: The Senators also agreed to offer a reduced credit to some repeat buyers. Current homeowners looking for a new home could qualify for a $6,500 credit if they have lived in their existing primary residence for at least five years. The home buyers’ credit would be available to individuals earning up to $125,000, or $250,000 for couples, up from $75,000 for individuals and $150,000 for couples under the current law.
The tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, according to a summary of the legislation being circulated among lawmakers.
If you’re thinking of buying, you cannot have a better timing than now. With inventory still at peak levels, and prices and mortgage rates at record lows, this is a totally win-win situation for everybody. The current scenario also bodes well for current homeowners who may be planning to downsize or get a bigger place.
The Dulcie Crawford Group is just a phone call or email away for honest and sensible real estate advice. Please call us at 702-285-1990 or email dulciecrawford@gmail.com.
Friday, October 30, 2009
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