Archive for October, 2009
NEW Home Buying Tax Credit for ALL
October 29th, 2009 Categories: Market Conditions, Real Estate
Home buyers have been anxiously awaiting word on an extension of the very popular First Time Home Buyer $8000 tax credit.
MarketWatch is reporting this morning that the Senate has struck a deal to expand on this program.
Many Realtors are seeing this tax credit as the main motivation of home sales this year. In 2008 there was a “tax credit” that was really a no interest loan to First Time Buyers. This year that was changed to a real tax credit of $8000 for these buyers.
The report is that today’s agreed upon credit would extend to ANY buyer who has lived in their home for 5 consecutive years, as well as the First Time Home Buyer.
Here is the report from MarketWatch:
By Robert Schroeder, MarketWatch
WASHINGTON (MarketWatch) — Senators have struck a deal to extend a popular tax credit for home buyers beyond those buying their first house, Senate Majority Leader Harry Reid’s office said Wednesday.
Legislators also have agreed to extend the tax credit through the end of April, according to a Reuters report.
An $8,000 credit for first-time home buyers is set to expire at the end of November. Under a compromise reached by senators, the credit would be expanded to those who have lived in their home for five consecutive years, a Reid spokeswoman said.
The credit for repeat buyers would be $6,500.
The credit reportedly would be available for individuals making up to $125,000 a year and couples earning up to $225,000 per year, up from the current income limits of $75,000 and $150,000, respectively. Reid wants to attach the tax-credit measure to a bill that would extend unemployment benefits.
All the buyers rushing to get into that home by the November 30th deadline are breathing a sigh of relief. I believe the additional feature for people who already own their homes is going to certainly help home sales in the mid-priced price points.Ed Daniels of Re/max Executive Realty is a Holliston native and full time Realtor. Contact him for more details on this brand new tax credit at 508-341-7880 or Ed@MAhome.com.
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