No Time to Lose
First Time Buyers
November 5th, 2009
The House voted 403-12 today to extend and expand the tax credit to include many buyers who already own homes. The Senate passed this by a 98-0 vote yesterday and President Obama is expected to sign asap.
- $8,000 for first-time homebuyers
- $6,500 for move-up homebuyers
- Must be in contract by April 30, 2010 and close escrow by June, 30.
If you want to take advantage of this tax credit it would pay to get started right away. No guarantees that there will be future credits. “This is probably the last extension,” said Sen. Johnny Isakson, R-Ga.
This is especially important for move-up buyers who need to sell in order to buy their next home during tax credit period. The good news for move-up seller/buyers is that this time pressure combined with the extra $8,000 available to first-time buyers will most likely boost entry level housing prices.
Either way, no time to lose.
Source: Buyers Guide to Shasta County Real Estate
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