Cleveland Ohio Homes - First Time Buyer Credit Extention Defined But Not Finalized

Cleveland Ohio Homes - First Time Buyer Credit Extension Defined But Not Finalized

With the first time buyer credit about to expire on Dec. 1, 2009, senate negotiators have reached a deal to extend the tax credit. However, this is only a tentative deal and has NOT been finalized. Here are details of the proposed extension that could greatly affect first time buyers in Cleveland as well as move-up buyers:

*     Extending the existing credit to first-time buyers through July 1, 2010, but homes must be under contract by April 30, 2010

*     Offering a new credit of up to $6500 for existing homeowners who have been in their current home for a consecutive 5 year period in the past 8 years

*     Increasing income limits from $75,000 to $125,000 for singles and from $150,000 to $250,000 for couples

*     Possible change in the way buyers report their purchase to the IRS due to fraud and abuse currently being reported

This extension is being discussed in order to better boost the weakened real estate market. While there have been signs of recovery in the housing market over the past few months, legislators are concerned by the recently report of a decrease in September new home sales.

Please keep in mind that this has NOT yet been approved by the Senate. First-time buyers here in Cleveland who are racing to make the current November 30, 2009 deadline should continue to move forward with their plans as the extension may not materialize or could become significantly changed from the present proposal.

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About The Authors:

This information is provided compliments of Amy and Dan Schuman, The Schuman Team Keller Williams Realty. The Schumans service both the East and West sides of Cleveland and have worked with numerous professional athletes, business owners, and executives who are relocating to Cleveland. They specialize in the Cleveland Ohio luxury home market and also enjoy working with first-time buyers as well.

If you are looking to buy or sell Cleveland real estate, including the surrounding suburbs, please contact the Schuman Team at 216-346-3235. 

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Cleveland Ohio Homes - First Time Buyer Credit Extension Defined But Not Finalized is the property of The Schuman Team and may not be duplicated or used without their written consent. ©Oct 2009