SALEM OREGON HOMES FOR SALE HAS GREAT NEWS FOR SALEM OREGON HOME BUYERS AND SELLERS-THE FIRST TIME HOME BUYER TAX CREDIT WAS OFFICIALLY EXTENDED TODAY, AND NOW INCLUDES SOME HOME SELLERS THAT WILL BE BUYERS!!
Earlier today President Obama signed the unemployment bill which also includes an extension for the First Time Home Buyer Tax Credit, and a new tax credit for sellers who will also be home buyers once they sell, if they qualify.
Here is a basic rundown of what exactly this means to Salem Oregon Home Buyers and Salem Oregon Home Sellers:
- Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
- Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
There are some qualifications that buyers must meet to be eligible for the tax credit:
- First time home buyer must not have had an interest in a principal residence in the last 3 years.
- Sellers must have lived in their home for 5 out of the last 8 years as their primary residence.
- All purchases must be in contract by April 30, 2010.
- Buyers have until July 1, 2010 to close on their purchase.
- Home purchase must be $800,000 or less.
Buyers must also meet income guidelines:
- The single person income cannot exceed $125,000 to qualify for the full credit.
- The married persons' income cannot exceed $225,000 to qualify for the full credit.
- There is a "phase out" in place for incomes exceeding that which may still qualify the buyer for a partial tax credit.
- Married persons filing separately have different amounts of credit that they can qualify for-first time home buyers is $4000, and current homeowners is $3250.
If you would like to view a comparison of the previous credit vs. the new credit, the National Association of Realtors has put together a chart.
So, what could this mean to the Salem Oregon Real Estate Market, you may be asking? The hope is that by extending the credit, it will keep those first time buyers buying. In addition, by extending this credit to current home owners, these home owners will be moving up or down in size, which will bring more buyers into the market for those middle and higher price range homes. That portion of our market has been lagging behind for some time now.
If you are a first time buyer, or a seller, that has questions, or would like assistance to get started, you can contact me directly at 503-931-1846, or MelWagnerBroker@msn.com.
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