On Thursday November 6th, President Obama signed into law the bill to extend and expand the homebuyer tax credit, provide tax refunds to companies losing money, and extend unemployment benefits.

This Home buyer tax credit includes the extension of the $8,000 first-time homebuyer tax credit, and the expansion of this tax credit to include move-up buyers who have lived in their home as a primary residence for at least 5 years. These move-up homebuyers will be eligible for a $6,500 tax credit.

Also, income limits will be increased to $225,000 for couples and $125,000 for an individual. This tax credit will expire on April 30th. Home buyers must sign a purchase agreement by this date, and close by June 30th, 2009. Maximum home purchase price is $800,000, and vacation homes are not eligible.

National Association of REALTORS estimates that approximately 2 million home buyers will take advantage of the $8,000 tax credit for first-time homebuyers this year. Greenville real estate market saw an increase in home sales, because it inspired those folks who were waiting for the right opportunity.

I definitely understand why many people will find this as the right opportunity to make a move, and take advantage of this tax credit. Who knows, for some home buyers it may also be the funding for that new business, or to pay for some education.

If you are ready to discuss your your Greenville South Carolina Real Estate needs, please contact Victor Amadi at 864-525-0201.

Greenville County Entry Level Homes for Sale {under $150k}