Is the Tax Credit to be Extended for 2010 buyers??

By
Real Estate Agent with Metro Premier Homes DRE# 0225-088780

Many rumors going on!!!  However, the lates update is that the credit most likely be extended to April 2010.  The house is trying to expand the bill to assist everyone!!!  $8,000 for 1st time home buyers and possible $6,500 for existing homeowners.  They are talking to modify the annual income from less than $125,000 up to $225,000.

If that's not enough they home value will be for $800,000 homes or less and the contract must be signed by April 30, 2010 and settlement shall take place by June 30th!!!

I will keep you posted as development continue!!

Posted by

Nelson Mateo

Realtor, CDPE, CRPS, CSSS

The Mateo Team

Metro Premier Homes

571-921-2966 Cell

888-550-2922 Fax

www.TheMateoTeam.com

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Comments (3)

Peggy James
EXIT Realty Associates - Woodbridge, VA
Woodbridge Virginia Area Real Estate Specialist

Good Morning Nelson,

This is a wonderful gift for the home buyers in the Prince William County VA area, who have been struggling with bidding wars or who have avoided writing an offer on a Short Sale home.

Raising the income limit will be  outstanding! $8000. It's an attractive incentive to all buyers. Our clients who have settled this year have written that they have paid bills, bought furniture, some went directly to Homes Depot and Lowes or the local home improvement contractor to personalize the home with that extra cash. It's a win/win for the community.

Oct 30, 2009 12:55 AM
Patty Purdue Laforte
Realtypath LLC - Salt Lake City, UT

The great news with this is that it will keep things moving through December and January.  April 30th is not really that far away and the buyers who were rushing and not making the deadline won't want to risk getting too close to the deadline again so I suspect we will see great activity through December and January.

;

Oct 30, 2009 01:27 AM
Nelson Mateo
Metro Premier Homes - Manassas, VA
Your Short Sale Expert - Serving Bristow, Gainesvi

Dear Peggy,

You are absolutely right about being a gift for the buyer in Prince William County VA but don't forget the sellers!!!  All those possible short sales can get under contract prior to April 30 and have an extra 60 days for final approval of the 3rd party.

If the house approve this modification will be a Blessing for everyone and the market!!!

Will keep in touch!!

Oct 30, 2009 04:22 AM