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Incredible news about the $8000 tax credit!

By Laurie Sawyer

Real Estate Agent with Exit Realty Firm

November 01, 2009 06:21 AM

Since my last blog on this subject, there has been incredible news about the $8000 tax credit an April calendar d this is for all states! Lawmakers in the Senate have agreed to extend the existing $8000 tax credit until mid 2010.

What date does that mean for mid 2010? This means you would need to be under contract for your new home by April 30, 2010 and close before July 1.

There IRS image is another great added perk to this Tax Credit and that is people who have been in their existing home for a consecutive five-year period in the past eight years, you folks could be eligible for a $6500 tax credit! The government is trying to help everyone whether you are buying your first home (remember the definition for first time home buyers according to the IRS is as long as you have not owned a home in the past 3 years) or if you have been in your current home for five years consecutively. It is an amazing time for people to be a homeowner.

Since it was getting close to the end of the time period, I have seen lots of communication from the National Association of Realtors (NAR) asking Realtors to contact their lawmakers to try to get this to be extended. Realtors have all gone to bat for first time homebuyers in the country. It cleaning house is very exciting that it did actually come through.

Home buyers now have a little extra time to find that perfect house or to fix their credit or to do some cleaning in their current house before listing it so that home buyers can come and take a look. It really is amazing how fast time flies by. November came so quick for the previous end of the program and before you know it, spring will get here as well. Don't wait!

Time flies

Do you know what to do from here?

In order to buy or sell a home in RI, call or email Laurie Sawyer at 401-996-0843 or email at mypickettfence@yahoo.com

If you need to be prequalified for a mortgage, email John Dionne at Shamrock Financial at John.Dionne@shamrockfinancial.com

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Kimberley Kelly, SFR, HAFA, GREEN

HK Lane, Christie's International Affiliate, 760-285-3578 - La Quinta, CA

I do Real Estate like I played polo-to WIN!

I didn't think it had become law yet???? Just that the Senate was suggesting it???

Nov 01, 2009 06:24 AM

Jim Hale

ACTIONAGENTS.NET - Eugene, OR

Eugene Oregon's Best Home Search Website

The bill looks like a done deal within a week - with votes in both houses.

But it is not yet a sure thing. Folks are trying to decorate it up like a Christmas tree with other unrelated things that have less support.

Trust Congress to make the easy hard.

Nov 01, 2009 06:31 AM

Laurie Sawyer

Exit Realty Firm - Providence, RI

Thanks for the comments, this is the article I got the information from. It comes directly from the NAR on the weekly real estate news newsletter:

Homebuyer Credit Gets New Life
Key lawmakers in the Senate have tentatively agreed to extend the existing $8,000 tax credit for first-time home buyers and also offer a new $6,500 credit for existing homeowners who have lived in their current residence for a consecutive five-year period in the past eight years.

Home buyers must be under contract by April 30, 2010, and close before July 1. House Democrats have expressed concern about the cost of the tax credit for the government, and allegations of abuse have resulted in an IRS probe of the program.

Source: Wall Street Journal, Corey Boles and John D. McKinnon (10/29/09)

Nov 01, 2009 07:01 AM

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Laurie Sawyer

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