...It's official! The Homebuyer Tax Credit is going to be sticking around for a while and is essentially as we reported in our earlier posts. Read Below for the main points and catch the video above for a great intro to how it works. Then....... Call us! This bill basically flew through the House and Senate and may be signed as early as tomorrow!
Back in February, the economic stimulus package known as the “American Recovery and Reinvestment Act of 2009” was signed into law by President Obama. The Act includes provisions intended to revitalize the housing market, while the U.S. Treasury Department’s plan simultaneously helps mitigate foreclosures and encourages new lending in their tandem effort to bring about a housing recovery.
The video is actually cute but also straightforward in it's message.
EMH3 has the tools needed to help potential homebuyers and sellers benefit from these new programs.
Right now though time is running out! The Tax credit Ends April 30 2010.
Here is a link with some additional details of the homebuyer tax credit.
There is a very strong possibility the tax credit may will get extended out to April of next year AND people looking to upgrade their homes will ALSO get a tax credit for doing so.
So, here is skinny on the deal. The $8k credit for first time homebuyers keeps rolling with the following rules. Adjusted gross income of less than $125k for single filers or $225 for couples filing jointly. Also, the credit would only apply to homes for 800k or less (that would mean almost all of us can get in on this 🙂 ..). Something new is the ability to earn a credit of up to $6500 dollars for those looking to trade up to a bigger primary residence and who have already lived in their home for 5 of the past 8 years. That means you folks who held out during all this madness can now come play musical houses with the rest of us!
This is good news in that this second measure opens up another big portion of what has historically been an important part of the real estate market. The relocation gang! Better known as those folks who moved from a house to an apartment and vice-versa locally or those who took the plunge and decided to come down to Florida and avoid those "lovely" North East winters...
Hit the link below to the CNN Market Watch article. And.... don't forget. When you move to Florida, call us!