St Petersburg Florida Home Buyer's can continue to take advantage of the first time home buyer tax credit and current homeowners can benefit with a cash refund now also if they are looking to buy a larger home or downsize.
This week the Senate and House passed the bill almost unanimously and tomorrow the President has announced that he will sign the legislation that will extend the first time home buyer $8000 tax credit and create a new $6500 incentive for current home owners who are buying a new property and have owned a property for 5 years. This legislation takes affect immediately for current homeowners making a new home purchase that qualify and close after tomorrow.
St Petersburg homeowners if you are preparing to close on your new home you can collect the tax credit as long as your closing take places after November 6th.
All first time home owners (defined as those who have not owned a home in the last three years) will continue to enjoy this benefit with minor adjustments the tax credit will be available to more buyers by increasing the cap on the adjusted gross income from $75,000 to $ 125,000 for single filers and $150,000 to $225,000 for joint filers.
According to the estimate made by National Association of Realtors, 355,000 homeowners, by the end of November, will have purchase a home because the of tax credit. Maybe the tax credit is helping to stabilize the St Petersburg market!
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