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Extended Tax Credit for First Time Buyers and "Move Up" Buyers.

By Terry L. Bursky

Real Estate Agent with CENTURY 21 Award CA BRE 01754681

November 28, 2009 05:49 AM

Here it is the extended tax credit for homebuyers! It's been approved, the extension of the $8,000 first-time homebuyers tax credit for homes under $800,000 through April 30, increased the income ceiling for eligibility to $125,000 for individuals and $225,000 for couples, and introduced a new $6,500 credit for existing homeowners that have lived in their current homes for at least five years and now want to "move up."

This is great news! Get ready and start planning your goals. Homeowners with equity can now take advantage of the low prices and receive the $6,500 if in escrow by April 30th. Interest rates are low, low, low right now. If you missed moving up a few years ago and thought you were outpriced, now is the perfect time to get that second chance.

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Chris Brunner

GreatFX Printing - Springfield, MO

GreatFX Printing

Yup now is the time, I don't think rates are going to stay low for much longer.

Nov 28, 2009 05:49 AM

Terry L. Bursky

CENTURY 21 Award - Chula Vista, CA

My lowest was 4.61 and a buyer I have now is 4.75. (actually it was 3.75 Acorn with Citimortgage -buy down from closing cost credits) We need more inventory down here is Chula Vista. Perfect time for second time buyers and those looking to invest. In '06 we had 30 months inventory and now it's roughly 2 months. Perfect time for those second time buyers and those looking to invest.

Nov 28, 2009 06:00 AM

Heather the Realtor Orlando, Lake Mary

LemonTree Realty - Orlando, FL

First Time Home Buyers, Bank Owned Homes

The interest rates are amazing right now. Do you find a lot of the buyers are back on hold now with the extension of the credit and coupled with the Holidays?

Nov 28, 2009 06:06 AM

Hi Heather,

It's about 50/50. We have such a shortage of properties available here for all the buyers looking to purchase. Many of the properties have between 10-30 offers. Those buyers that are strong in their search remain that way, others shy away from properties that have a few offers in already. It's a tough, rough, busy, changing everyday market down here. I'll still keep pushing forward and making as many offers as it takes to get my clients their home. Bring on the Holidaze!

Dec 01, 2009 04:17 AM

Extended Tax Credit for First Time Buyers and "Move Up" Buyers.

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Terry L. Bursky

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