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$8000 Home Buyers Tax Credit Extended by Congress

Real Estate Agent with Wilkinson & Associates Realty

Good News:

$8,000 Home Buyers Tax Credit Approved & Extended by Congress

This is a fabulous and savvy move by our congress. This home buyers tax extention  will help consumers, realtors and help to stimulate our economy.

Congress has approved the $8,000 home buyers tax credit extension.This bill was unanimously passed by both houses.

This bill was set to expire at the end of this month. The Home Buyers extension date is now April 30, 2010. You must be entered into a contract by this time.   Homes must be closed by June 30, 2010.

There is another new $6,500 Home Buyers tax credit incentive for existing property owners that want to sell their home and possibly buy another during the same period of time. You must have owned your current residence for 5 consecutive years to be eligible for this.

Here  are a couple of the qualifying limits listed below:

Qualifying Income limits:
     raised from $75,000 to $125,000 for single tax payers 
     raised from $150,000 to $225,000 for joint tax payers

The maximum allowable home purchase price is $800,000 to qualify for this home buyers credit.

  Here is a link where you may find out more information on the Home Buyers Tax Credit:             http://www.irs.gov/newsroom/article/0,,id=204671,00.html

 It is a great time to buy a home. Interest rates are low. There are many homes to choose from, on the market. If you are interested in purchasing a new home, or selling an existing home, just give me a call. It would be "my pleasure" to help you!

Your Real Estate Connection

Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

Ginger - great updated information for new homebuyers!

Nov 06, 2009 11:51 PM
Ginger Moore
Wilkinson & Associates Realty - Gastonia, NC

Hi Debe, I read your article... Very Nice!!!  I love all the color and the pictures you put in:) and thanks for stopping by!!

Hi Barbara Jo, Thanks for stopping by also!  I just commented on your gorgeous home you have for sale.. Wishing you a speedy sale!

Nov 07, 2009 12:06 AM
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

Great news for the real estate industry in my opinion. By the time the extension expires next year, hopefully the economy will be blossoming again.

Nov 08, 2009 02:33 PM
Ginger Moore
Wilkinson & Associates Realty - Gastonia, NC

Hi Jim, Yes, I think you are absolutely right. I think this will be the right catalyst to stimulate the real estate industry; thus helping to get the economy going again. thanks for stopping by!

Nov 09, 2009 10:16 AM
1~Judi Barrett
Integrity Real Estate Services 116 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

I'm amazed that I have not heard the folks on TV touting this.  It's a pretty quiet major happening for home buyers.

Nov 09, 2009 11:06 PM
John Cannata
214-728-0449 http://TexasLoanGuy.com - Frisco, TX
Texas Home Mortgage - Purchase or Refinance

Finally. I had many customers trying to rush their purchase because they werent sure it would be extended. None of us knew, but now thats its official, they have some breathing room.

Nov 10, 2009 08:36 AM
Ginger Moore
Wilkinson & Associates Realty - Gastonia, NC

Hi Judi, Yes, I have not heard much on tv about it either; but you can go to the website, listed above, and read all about it. It's a great thing for consumer, and realtors! thanks for stopping by!

Hi John, Well now your customers can relax a bit.  They have plenty of time.  I do believe it is now official:) Thanks for stopping by!

Nov 10, 2009 09:55 AM
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

The extension - actually expansion to exisiting homeowners - is particular good news for one of my customers who is going through a divorce.  Since as a couple they own a home together, she was not eligible for the tax credit before but now she may well be eligible for the $6,500.

Nov 11, 2009 11:51 AM
Ginger Moore
Wilkinson & Associates Realty - Gastonia, NC

Hi Silvia, I am very glad that this extention helped your client! That is marvelous! Thanks for sharing, and dropping by!

Nov 12, 2009 12:14 PM
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

Thanks for putting it out there in a nice and simple format.  I think I will reblog this and save myself a little time.  Aloha!

Nov 13, 2009 07:01 AM
Ginger Moore
Wilkinson & Associates Realty - Gastonia, NC

Hi Georgina, Yes that would be great! I would feel honored for you to "re blog my blog"!  Look forward to reading your blog..Aloha!

Nov 13, 2009 12:35 PM
William Feela
Realtor, Whispering Pines Realty 651-674-5999 No.

Ginger...many more people should qualify for the program now.  Let's hoope is kick starts the others.

Nov 14, 2009 10:24 AM
Lisa VonBargen
Photography7522 - Estes Park, CO
Estes Park Real Estate Photographer

Hi Ginger,

We're in a second home market that is a bit pricey for first time homebuyers, so the extension of the tax credit will help some of our local workers get in to a home. It will be interesting to see how the $6500 tax credit for move-up buyers will affect us, too.

Thanks for boiling down the tax credit into an understandable format!

Nov 22, 2009 02:00 AM
Gail Robinson
William Raveis Real Estate - Southport, CT
CRS, GRI, e-PRO Fairfield County, CT

Ginger - I'm seeing a little more activity at the higher price ranges since the tax credit program was expanded.  Are you seeing a difference in your market area?

Nov 22, 2009 03:19 PM
Ginger Moore
Wilkinson & Associates Realty - Gastonia, NC

Hi Gail,  no.    I hope things will pick up  sooner or later.  I am happy that it has picked up for you!

Nov 23, 2009 11:19 AM
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL

Thank you, Ginger for this post.

You are Right It is a great time to buy a home. Interest rates are low.

Happy Hollydays to you and your family

Nov 29, 2009 12:10 PM
Ginger Moore
Wilkinson & Associates Realty - Gastonia, NC

Yes, and Thank you for stopping by! Happy Holidays to you and your family also!

Nov 29, 2009 12:17 PM
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Ginger hopefully this will be a great incentive for some looking to purchase.

Nov 30, 2009 12:56 PM
Charles Stallions Real Estate Services
Charles Stallions Real Estate Services Inc - Gulf Breeze, FL
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.

Ginger we can only hope that the buyers will continue to move and keep the pace.

Dec 28, 2009 01:57 PM
Ginger Moore
Wilkinson & Associates Realty - Gastonia, NC

Joyce, Yes, you are absolutely right!  I do hope the buyers will keep the pace, and possible get some of them "off the fence":) thanks for stopping by!

Dec 29, 2009 12:49 AM