Positive headway is being made to extend the first time home buyers tax credit.  Today, the Senate tentatively agreed to extend the credit.  This is great news for those buyers who could not close on a home by the original deadline date of November 30th - just a month away.  Under the agreement to extend the credit, home buyers must be under contract by April 30, 2010 with a close date deadline on or before June 30th, 2010. This proposal still faces votes in the full Senate and House, and House leaders have already said they support the extension. 

Washington Lawmakers also added a $6,500 tax credit for existing homeowners who have lived in their current residence for a consecutive five-year period in the past eight years.  Plus, raise the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers. 

This year's first-time home buyers credit has accomplished its intended purpose. Approximately 1.4 million first-time home buyers have qualified for the credit through August. The National Association of Realtors estimates that 350,000 of them would not have purchased their homes without the credit. The $8000 tax credit extension is a critical part of continued economic recovery as we begin to see a positive movement in the housing market.

If you are a looking to make a home purchase, this could be your best ever opportunity. The tax credit, low interest rates and prices of new and resale homes won't always be to your advantage.

Call or email me today and let's get you started down the path of a home purchase.

Karen Staha CRS, GRI,ABR, REALTOR  (512) 217-2435  kmstaha@aol.com   www.karenstaha.com  Selling Texas since 1995!  Gaston & Sheehan Realty - serving Austin, Round Rock, Pflugerville, Hutto, Cedar Park, Leander and beyond!