Will homeowners in the Tacoma and Federal Way area be able to reap the benefits of the Tax Credit when they move up?
The US Senate is still in negotiations regarding a proposal to extend the $8000 First Time Home Buyer Tax Credit which is set to expire on December 1st. The current details reduce the credit by about $610 ... from $8000k to 10 percent of the sales price or at the $7,290 cap.
The plan may also extend tax credit to existing homeowners looking to move-up. This would open up a large resource of new buyers with established credit and put them into larger homes, freeing up their homes for more first time buyers who may qualify, but are finding a lack of starter homes available.
Colleagues and clients of mine are still pushing to close by November 30th. There are some builders working their subs overtime to get new homes built.