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Home Buyer Tax Credit Passes Senate 98-0!

By
Real Estate Agent with Weichert, Realtors - Welcome Home

The Senate voted today 98-0 to pass the HR 3548.  HR 3548 is a bill  that extends unemployment benefits for an additional 20 weeks and contains an amendment that extends the existing $8,000 First Time Buyer Tax Credit and adding a tax credit for Move Up buyers!

Here is what we know:

  • The Tax Credit Extension allows eligible buyers to claim the credit if their contract is written prior to April 30, 2009 (contracts must then close within 60 days).
  • First Time Buyers (being defined as buyers who have not owned primary residence within the past 3 years) are eligible for up to $8,000.
  • Move Up Buyers (being defined as people selling a primary residence who have owned that home for at least 5 years) are eligible for up to $6,500.
  • The income limits are raised, making single buyers earning less than $125,000 per year and married buyers earning less than $225,000 per year eligible.

Yes - Successful business man jumpingThe bill now must pass the House, with Speaker Pelosi stating she may bring it to a vote as soon as tomorrow, then the final approved bill must be signed by President Obama.  Can it still derail?  Maybe, but I doubt it.  A 98-0 vote is a pretty strong statement of support.

The passage of this legislation will continue to aid the housing market recovery and the addition of a credit for move up buyers will create some much needed in the higher price ranges.  Congratulations America, the recovery continues!

I’d like you to be part of the conversation, so if you like what you read here please, comment, forward The Lancaster Connection.com to your friends, subscribe and as always, if you have questions, need real estate advice or want to buy or sell a home, you can call or text me at 717-371-0557, email me at Jason@JasonsHomes.com or contact me at the office at 717-490-8999!

Your Friend in Real Estate,

Jason Burkholder

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As always, I'd like you to be part of the conversation, so if you like what you read here please comment, forward this post to your friends and subscribe! 

If you have questions, need real estate advice or want to buy or sell a home, you can call or text me at 717-371-0557, email me at Jason@JasonsHomes.com or contact me at the office at 717-291-1041!

Search for Lancaster County Homes for sale at www.JasonsHomes.com by clicking here!

 

Comments (6)

Ron Brown NMLS #270845
NMLS ID: 40831 - Federal Way, WA

Here's hoping the House votes quickly on this one!

Nov 04, 2009 11:49 AM
Sara Woolford & Steve Golson, ALHS
iTexas Realty Co. - San Antonio, TX

Hi Jason-  Wow.  Thanks for the update 98-0 is a great vote.  We will look forward to hearing the news in the days to come.  --Sara

Nov 04, 2009 11:58 AM
Rich Cederberg
eXp Realty - Albuquerque, NM
eXp Realty Agent Albuquerque

That's good news. I know the tax credit has had a big impact on our market here in Albuquerque. October YTD sales are up 29%. Hopefully we can lead the country out of this mess we're in. 

Nov 04, 2009 12:03 PM
Jason Burkholder
Weichert, Realtors - Welcome Home - Lancaster, PA
Associate Broker, Realtor, e-Pro, CMS

Absolutely wonderful news on all fronts, a busy winter and spring would be fine by me!

Nov 05, 2009 09:56 AM
Russel Ray, San Diego Business & Marketing Consultant & Photographer
Russel Ray - San Diego State University, CA

I read on another blog that the House passed it today with just 12 no votes. On to the President!

Nov 05, 2009 01:12 PM