$8,000 Tax Credit Update - Arlington, VA
The $8,000 First Time Home Buyer Tax Credit was propsed to be extended to November of 2010 for active military personnel, intelligence officers and foreign service. The House of Representatives voted unanimously in favor of this. The bill, HR 3590 is also expected to pass through the Senate with no opposition as well.
This extension gives military personnel serving overseas the opportunity to take advantage of the home buyer tax credit that many stateside military and civilain residents were able to enjoy. In order to qualify, 90 days from the current calendar year must have been spent overseas.
The real question is, will the $8,000 home buyer tax credit be extened for everyone else? It seems to reason that this might be a test run to see whether on not the $8,000 will be extened to all buyers (not just first timers). But I have to say, for Arlington area home buyers I don't think it will make much difference. My experience with many buyers looking for homes in Arlington and Alexandria has been one of indifference when it comes to getting their tax credit. Most don't seem to really care, even those that are buying homes below $300,000. Heck, I'll take their $8,000 ;-) In fact, I've had two buyers recently who could have really used the $8,000 but they just dragged their feet way too long and now they aren't going to get the money. In fact, one of these buyers was eligible for $18,000 and didn't take advantage of it!
I'm not sure if extending the $8,000 tax credit will mean much in the suburbs of Arlington and Alexandria, but I'd like to see come spring of 2010.
If you or someone you know have questions about the $8,000 tax credit or are looking to buy a home in the Arlington or surrounding areas
Call me directly at 703-930-5800 or contact me by email
Contact Justin Dibbs of Dibbs Realty Group of Keller Williams Realty, Arlington, VA.
Realtors®, call 703-930-5800 to list your property for sale or to purchase a property in Arlington, Alexandria, Old Town, Springfield, Falls Church, Vienna, Oakton and McLean areas.
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