Well, the home buyers who were hoping to see the tax credit raised from $7500 to $15,000 will be slightly disappointed. Apparently there wasnt enough in $787 Billion budget to pull that off! BUT...the government has extended the tax credit of 2008 AND increased it from $7500 to $8000 giving first time home buyers a lot of reasons(8000 of them in fact)to buy a home before December of 2009.
I called a client of mine a few days ago who closed in November to make sure that he had done his taxes and taken advantage of his tax credit for buying his first home. As a family with three kids and the usual deductions that come with that AND their $7500 tax credit, he couldnt stop going on about his $11,900 tax return this year!!
These are tough times economically but the Nashville housing market is staying steady and with several no money down financing options out there AND $8000 coming back when you buy, this is a wonderful time to be a first time buyer in Tennessee!!
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