Homebuyer Tax Credit Extended & Expanded

You may not have heard the news. In addition to the best real estate prices in decades and the very lowest mortgage interest rates we now know that the real estate tax credit has been extended to contracts written and accepted by April 30th, 2010, and also expanded to included move-up home buyers.

Home Team Scottsdale is here to help you take advantage of the prices, rates and get all the tax credits you deserve. Call 888-925-2562 or visit HomeTeamScottsdale.com today and start your Scottsdale Real Estate search with the Home Team on YOUR side.

The National Association of Realtors published this helpful guide for comparing the program that was expiring on November 30th with the one which was just signed by President Obama.

NAR Issue Brief: Homebuyer Tax Credit

A couple of the highlights include:

• Purchase contracts must be written by April 30, 2010.
• Move-up home buyers are eligible for a $6500 tax credit, providing they meet income limits and occupancy rules.
• First-time home buyers are still eligible for a $8000 tax credit, with income limits.
• Qualifying home prices are capped at $800,000.

I suspect that there are a few home buyers that are breathing a sigh of relief, knowing that they still have time to find a home, make an offer, and close before the extended 2010 deadline.

And there’s the potential to release a whole new wave of homes for sale. Homes that have been lived in, where the owners have taken care of them, and will disclose the history of the home to the buyer. I’ve listed six houses like this in just the past two weeks, and I suspect that I will be hearing from a few more folks who’ve been sitting on the fence, deciding whether the time was right to sell and buy up.

Here’s a link to the actual language of H.R. 3548: Worker, Homeownership, and Business Assistance Act of 2009.