Looks like the homebuyer tax credit will be extended and expanded. Good news on the housing recovery front.
Currently there is a federal $8,000 tax credit available to qualifying first-time home buyers. That credit is set to expire on Nov 30, 2009. Due to the popularity of the program and the belief that it has helped with a housing recovery, the House and the Senate have voted to extend the credit expiration date and to include existing homeowners.
The bill is headed to President Obama for his signature. If the legislation is passed in its current form, the credit will be extended to April 2010. Qualifying first-time home buyers will continue to be eligible for a credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. (I will get more info on the existing homeowner credit thing.) Also the qualifying income limits have been increased.
This credit helps homebuyers afford to make the move and helps sellers or anyone who is waiting for the market to recover. So far more than 1.4 million homebuyers have taken advantage of this federal credit. Once passed, this bill will help many more across our nation.
Excellent!
If you want to buy now and take advantage of this credit, give me a call. I’ll be happy to help you find your San Diego home.
Thanks,
Margot
619-825-5086
