First Time Home Buyer Tax Extension has PASSED!
With the passing of the First time home buyer tax extension and the expansions Minnesota home buyers and sellers enter into some exciting times in real estate. The real estate market in Minnesota for first time home buyers has been tightening. The housing supply in Minnesota's Twin Cities area has shrunk to as little as 7.69 homes on the market for every buyer. This is a decrease of 29.3% from how many homes were available to Twin Cities buyers last year. We specialize in working with First Time Home Buyers in Minnesota's Twin Cities metro area and have seen the demand of first time home buyers increase as the deadline of Nov. 30th has fast approached. The passing of the |
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With the passing of the expansions of the bill allows Twin Cities home owners who have lived in their home 5 years out of the past 8 years a $6,500 tax credit. This is HUGE opportunity for traditional home sellers in the Twin Cities who may have wanted to sell however felt they couldn't due to the conditions in the Minnesota housing market. We have buyers that desire to buy these homes as the inventory has gotten very low. So my advice to anyone looking to sell their Minnesota home is... NOW IS THE TIME!
This creates a much healthier move back to more traditional sales where you have a buyer that is purchasing from a private party home owner vs a corporation. Which that alone is a very good thing. The benefits of the passing of the first time home buyer extension and expansions are yet to fully be seeing however it most definitely is a positive move towards a stronger, healthier Twin Cities, housing market.
The difference of the effects of the old first time home buyer credit vs the new one is that the old bill assisted only one segment of the Minnesota home buying market. The majority of that segment, first time home buyers were using the tax credit to purchase foreclosed properties in Minnesota's Twin Cities area. Seeing those purchases were from banks it did not create another pool of buyers. With the passing of the extension of the first time home buyer bill and extending it to another segment of the Minnesota housing market you will now create two segments in the market.
Helful Links:
Tax Credit Explained - Simple to Follow!
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