Shawn
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Homebuyer Tax Credit Extended!
You might have heard that the Homebuyer Tax Credit has been officially extended. This is great news for the housing market. The bad news is that it will end eventually. For now though the news is good for both first-time and other home buyers.
NAR Issue Brief: Homebuyer Tax Credit
Click on the above link for the chart showing all of the details of the program. Some highlights include:
Move-up buyers can receive a $6500 credit if they have owned their current home for at least 5 years.
First-time buyers will receive up to $8000 credit
Contract to purchase a home must be written by April 30, 2010.
The first-time buyer credit will be a great thing for military buyers who PCS to Colorado Springs this summer. The key will be to make a house hunting trip prior to mid-April in order to make an offer on a home. We can extend closing dates but the April 30 is the deadline for this good deal.
For owners of existing homes, this is also good. The first time buyers can now have an incentive to purchase your home and then you can move up, down or sideways (ha ha) and receive a tax credit.
For more details, contact me or leave a comment here.