November 2009 E-Newsletter
A Compelling Reason to Buy a Home!
As I’m writing this e-Newsletter, the nation is one vote away (President Obama’s) from officially extending and expanding the home buyer tax credit. The time frame for qualifying for up to an $8,000 credit will be extended to buyers in contract on a home by April 30, 2010 and closes before July 1, 2020. First time home buyers will be eligible for up to $8,000 and while buyers who’ve owned their current home for at least 5 years will be eligible for a credit of up to $6,500 (subject to income limitations of $125,000 for single or $225,000 for joint filers). The credit is available for homes costing up to $800,000. The home must be your principle residence and not a 2nd or vacation home.
I think there are plenty of people who have been on the fence, trying to decide if the home prices or mortgage rates are as low as they are going to go. We all know that’s impossible to predict – by the time the prices or rates have hit bottom, they are on their way back up. The available credit will hopefully help these people jump off that fence and help the “move up market” into gear. Tony and I would love to discuss the pros and cons of moving forward with a home sale and/or purchase in order to take advantage of the expanded tax credit. Call or email us for a confidential consultation.