Archive for the '2010 Tax Credits' Category

5 Nov
Tax Credit Extended & Expanded
Posted On : 11 5th, 2009   By : Alice  |  2010 Tax Credits, Tax Credits

The first-time home buyer tax credit was extended today, following the U.S. Senate approval yesterday and the House of Representatives today.  Not only will the current tax credit of $8,000 be extended, but a new credit of $6,500 for qualified existing homeowners as well.

To qualify for the $6,500 new credit, existing homeowners must have owned their current residence for a consecutive 5 year period.

Additionally, the home purchase price cannot exceed $800,000.  A homebuyer must also have a purchase contract signed by April 30th and close by June 30th, 2010.

According to the National Association of Realtors, as many as 400,000 resale transactions (1.2 million resale and new construction homes total) have been completed due to the first-time homebuyer tax credit.

This is wonderful news for our local housing market.  As most of you know, I truly believe that the tax credit has helped our local real estate market this past year.  With the extension and expansion of this new tax credit program, hopefully our local market will improve into next spring and summer.