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Thank You, Thank You, Thank You! Tax Credit Extended & Expanded

 THANK YOU, THANK YOU, THANK YOU!
TAX CREDIT EXTENDED & EXPANDED

Exciting news for first time home buyers as well as potential move up buyers today!  The first time home buyer's tax credit has been extended through April 30, 2010 and expanded to include home purchasers who are selling their current home of at least 5 years of ownership. 

Rules for the extended credit:

  • First-time home buyers must purchase homes between November 7, 2009 and April 30, 2010.
  • Current home owners purchasing a home between November 7, 2009 and April 30, 2010, must have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

To qualify as a "first-time home buyer" the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

The maximum amount available to first time home buyers is $8,000 and the maximum available to move up  buyers is $6,500.  This money will not have to be repaid as long as the home is owned for 3 years or more. 

For more great information about this tax credit news, visit Realtor.org. 

 

 
 
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8 comments • Kathleen Cooper, RE/MAX,Broker, REALTOR® • November 06 2009 07:20PM

Comments

Kathleen, thanks for the update this is good news, especially for those that felt left out by the first time home buyers program. Widening the opportunity is definitely the was to boost the number of transactions.

Posted by Steve Loynd, Alpine Lakes Real Estate Inc., Loon Mt, NH. over 2 years ago

Hi Steve!

This is very good news and I'm glad it has been finalized.  Can't wait to watch it help our market and business.  Excited about helping the move up buyers sell and purchase.

Take care!

Sincerely,

Kathleen

Posted by Kathleen Cooper, Best Option-RE/MAX, SRES, REALTOR® over 2 years ago

Great blog title! I reblogged it.

Posted by Greg Nino Houston Texas (RE/MAX West Houston Professionals) over 2 years ago

Kathleen ~ Yes we are all thankful at this point in time, but I hate to see what our children's generation and what thye will have to pay back for all the past 20 year debt.

Posted by Monique Hailer (CENTURY 21 New Millennium) over 2 years ago

Kathleen, it's sort of the real estate agent's full employment act!  We'll be busy for the next few months.

Posted by Patricia Kennedy (Evers & Company Realtors) over 2 years ago

Thanks Greg!  Love the picture, didn't know who you were at first!

Monique - You bring up a very good point.

Patricia - We sure will be!  I'm not letting this slip by me, I better get back to work!  =)

Posted by Kathleen Cooper, Best Option-RE/MAX, SRES, REALTOR® over 2 years ago

Kathleen-This is great news indeed, Thanks for sharing.

Posted by Joseph D. Federico Eastern Massachusetts Real Estate (Coldwell Banker Residential Brokerage) over 2 years ago

Kathleen-This is great news indeed, Thanks for sharing.

Posted by Joseph D. Federico Eastern Massachusetts Real Estate (Coldwell Banker Residential Brokerage) over 2 years ago

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