$8,000 Tax Credit, Extended

Those in the market for their first home have good reason to act now, area real estate agents say.

That's because the federal home buyer tax credit - which gives first-time home buyers a credit of up to $8,000 - has been extended by legislation signed recently by President Barack Obama.

First-time buyers can use the credit on a home purchased or under contract by April 30, according to the Internal Revenue Service.

Under the new legislation, the tax credit is no longer just for first-time home buyers. Long-time homeowners can also receive a tax credit of up to $6,500 on the purchase of a new home that replaces their principal residence.

The income limit for using the tax credit was also changed to include those who make more money. Under the legislation, individuals with a modified adjusted gross income of between $125,000 and $145,000 can qualify for a portion of the tax credit as can couples filing jointly who make between $225,000 and $245,000.

Also making home buying attractive is an interest rate that's steadily been around 5 percent. Plus, there are a lot of available properties and sellers eager to unload them.

For more info, and to learn how you can take advantage of this tax credit please visit http://www.themarkerteam.com