The suspense is over. The President signed the Bill effectively providing an extension and an expansion of the Homebuyer Tax Credit. There are still some unanswered questions out there and we are waiting for some of them to get cleared up. The Bill now will cover a large majority of homes in the Oro Valley and NW Tucson market; and over 90% of the homes in Rancho Vistoso.
Here is what we do know. You do not need to rush a closing into that Nov. 30th deadline in order to be eligible for the tax credit. So that takes the pressure off. The income limits have been increased so a buyer you may have worked with in the past and was not eligible, may now be eligible.
There is a maximum price limit in the new bill of $800,000. Visit Tax Credit Changes for a Q and A. You'll see that if the home is priced above $800k, it is not eligible for the tax credit. Since this new bill is expanded to already existing homeowners, this becomes a bigger focus.