We did it! Tax Credit Passes!!!
We did it! We’ve succeeded in achieving a huge victory for real estate. Congress heard us on the need to both extend and expand the home buyer tax credit to continue stimulating the housing sector of the economy. The Senate voted 98-0 on Wednesday and yesterday the House voted 403-12 on legislation that includes the extension and expansion of the credit. The President is expected to sign the legislation, perhaps as early as today.
The new changes not only extend the first time home buyer tax credit until April 2010, it also adds an incentive for move-up buyers. The law now allows up to $6,500 for a person who sells their home that they have owned for at least 5 of the last 8 years that then buys another home. There are some restrictions on that so use the links below to get all the details. This is great news! If you are thinking about selling your home there is no time to waste. You must have an accepted contract by April 30th, 2010, not only for the person buying your home, but you must also have an accepted contract on your next home by then as well. And you must close before the end of June 2010.
More information on the tax credit and what it means to you:
Changes to the Home buyer Tax Credit Law
Frequently Asked Questions About the New Bill
Listen to NAR President Charles McMillan's Podcast About the Bill Passing
See How the House Voted
In Depth: 2009 First-Time Home buyer Tax Credit
If this news has inspired you to want to sell your home or if you are a first time home buyer that wants to buy a home, please contact us so we can help you get started!