This is just an uncredited report from US Senate staffers suggesting the tax credit may be extended and expanded.
It's just being noised around tonight.
It's a long way from adoption by the full Senate....or the House.
But if it happens it will be very good news indeed.
There is a lot of latent demand out there (abroad in the land ...and right here in Rivers City.)
Th proposed $6500 credit for those who have owned their home five or more years will likely help arrest the still continuing slide in prices for homes over 2000 square feet --both here and across the country.
My first time home buyers are whooping it up. Why not? The popular first time home buyer tax credit that was set to expire end of November 2009 may be extended through end of June 2010.
I have buyers who have been looking for months but are getting outbid so many times, or are running out of time waiting for the short sale approval/acceptance of their offers.
Even better, it isn't just first time buyers who have reason to celebrate. A new tax credit was introduced to aid repeat buyers. I wonder if this will apply both for buyers who want to move up as well as buyers who want to downsize.
Although the complete details aren't available yet, here are the key provisions.
First time home buyer tax credit
- Buyers must be in contract by April 30, 2010
- Buyers have 60 days from that day to close escrow to qualify for the tax credit
- Tax credit is $8,000 or UP TO 10% of purchase price
Repeat buyers tax credit
- Defined as homeowners who have lived in their residence for five years
- Tax credit is $6,500
But wait, there's more! The levels for the home buyers were increased! Good news, indeed, for at least one of my buyers who was making more money than the previous qualifying level. So now, there's a chance that he will qualify for the tax credit after all!
- Individuals earning up to $125,000, up from $75,000 for individuals under the current law
- Couples earning up to $250,000, up from $150,000 under the current law'
More tax credits.
Additionally, there are other tax credits that the homeowners can explore. Although folks may argue that these tax credits are costing us....think of another way to look at these credits. They will encourage folks to BUY! And when they buy more goods and services, they (and we) do our share to stimulate the economy.
- federal tax credits for energy efficiency. Time to replace that old furnace? Want to get double pane windows? Need to get better insulation? Want to replace that leaky roof? Old water heater on its last legs? There's an energy-efficient solution to meet your requirements.
- ENERGY (Energy Efficiency & Renewable Energy) STAR appliances that may apply to central air conditions, washers, dishwashers, freezers, refrigerators, and more. More on this as things develop.
Have fun shopping!
***********************
Jim Hale
Principal Broker / Owner
Graduate, REALTOR Institute e-PRO
2012 Member, Million Dollar Club of Lane County
2012 Member, Real Estate Brokers Million Dollar Club
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