Great news for both home buyers and sellers! The House and Senate have now both passed the extension and expansion of the home buyer tax credit. All that remains is for President Obama to sign it.
The previous tax credit for first time buyers remains intact. These buyers will still receive up to $8000. A first time buyer is defined as anyone who has not owned a home for the last three years.
The new bill has expanded the tax credit to include current home owners, who can receive up to $6500. To qualify, current home owners have to have used the home being sold as their primary residence for 5 consecutive years out of the last 8.
In either case, the income limits have been raised to $125,000 for single folks and $225,000 for married couples. A binding contract must be in effect by April 30, 2010 and you will have until July 1, 2010 to actually close on the property.
The extension is great for home buyers for obvious reasons, but home sellers will also reap benefits. The previous tax credit definitely seemed to help give a boost to the Charleston area real estate market over the last several months with many first time buyers looking for entry level, affordably priced homes. The new extension/expansion will hopefully help the mid to upper level price range as well now that current home owners needing more space or looking to trade up are able to take advantage of the tax credit as well. It could also help soften the blow for some folks who may have to sell at a slight loss in order to trade up.
For more information about the tax credit or the Charleston/Summerville Real Estate Market, please feel free to contact me. You can also read more at www.realtor.org/RMODaily.nsf/pages/News2009110501?OpenDocument&WT.cg_n=RMO&WT.cg_s=RSSDaily
Maria Pettis
Realtor, e-Pro
mpettis@century21properties.com
(843) 860-3901
http://www.summervillerealestateonline.com/
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