Melanie Hartmann

Friday, October 30, 2009

Home Buyer Tax Credit Updates

We are optimistically expecting the extension of the current 1st Time Homebuyer Tax Credit. What is currently before the Senate and house is an agreement that would extend the existing credit for first-time homebuyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners. The reduced credit would be available to all homebuyers who have been in their current residence for a consecutive five-year period in the past eight years. Lawmakers in Washington also raised the qualifying income limits to $125,000 for single taxpayers and $250,000 for joint taxpayers, from the current $75,000 and $150,000, housing-industry sources said. Under the Senate compromise, buyers must have sales agreements in hand by April 30, but they will have until June 30 to go to settlement, said the sources.

The measure still faces votes in the full Senate and the House.The real estate market definitely saw a positive impact with the 1st time homebuyer credit this year. Personally I have been able to help several new buyers this year and it is very exciting.

Now I think a lot of folks that have been considering selling and upsizing or downsizing will make their move with the added credit for existing home owners. As always, if you or anyone you know, is in need of real estate assistance please let me know and we would be happy to help them.

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Home Buyer Tax Credit Updates

We are optimistically expecting the extension of the current 1st Time Homebuyer Tax Credit. What is currently before the Senate and house is an agreement that would extend the existing credit for first-time homebuyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners. The reduced credit would be available to all homebuyers who have been in their current residence for a consecutive five-year period in the past eight years. Lawmakers in Washington also raised the qualifying income limits to $125,000 for single taxpayers and $250,000 for joint taxpayers, from the current $75,000 and $150,000, housing-industry sources said. Under the Senate compromise, buyers must have sales agreements in hand by April 30, but they will have until June 30 to go to settlement, said the sources. The measure still faces votes in the full Senate and the House.

The real estate market definitely saw a positive impact with the 1st time homebuyer credit this year. Personally I have been able to help several new buyers this year and it is very exciting. Now I think a lot of folks that have been considering selling and upsizing or downsizing will make their move with the added credit for existing home owners. As always, if you or anyone you know, is in need of real estate assistance please let me know and we would be happy to help them.

Labels: , , ,