Regarding our earlier post on the hopeful extension of the tax credit.... The extension and modification of the tax credit was just approved and signed by the President. This is great news for first time homebuyers and existing homeowners alike.
First time buyers will continue to receive the $8000 tax credit, and existing homeowners who have owned their home for at least five years are eligible to receive a $6500 tax credit if they purchase a new home. The new home must be their principal residence costing $800,000 or less - i.e. no vacation homes apply. To be eligible to receive the new tax credit, parties must have entered into a valid purchase agreement by April 30, 2010 and close on their home by June 30, 2010.
There are some income limitations on the tax credit. Individuals with incomes higher than $125,000, or join filers with incomes above $225,000 are not eligible. Below is a 6-minute video on the tax credit (about 1-1/2 minutes of it are a thank you message).
If you have hesitated about moving, consider the tax credit, paired with the incredibly low inventory in West Savage right now - (50% of the norm). While we have always felt the first time buyer tax credit had a positive impact on our market, we are glad to see that the newly revised tax credit finally is applicable for existing homeowners in our West Savage marketplace.
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