GREAT NEWS! The news we have been waiting for, as Realtors, for a month! The First-Time Homebuyer Tax Credit has been extended to 4/30/2010. The first time homebuyer requirements have changed a little, with the income eligibility amounts being raised to $125,000 for a single buyer, $225,000 for joint buyers. The sales price limitation has been raised to $800,000. The tax credit for these buyers has remained at $8,000.
The new bill also includes "move-up" buyers for a $6500 tax credit! These buyers MUST have lived in their primary residence for 5 or more years, and the contract has to be written by 5/1/2010, and will have 60 days to complete their transaction. I have been looking into whether or not this home has to be owner occupied, or if it can be an investment or 2nd home, and have not gotten that verified yet.
This should help our middle market with the first time homebuyers moving up. In the past tax credit, many of our buyers were purchasing HUDs, bank owned properties and short sales, where we had no move up buyers, and stopped the process. This new bill should help with our $300,000+ properties now.
If you have any questions regarding this new bill --- please call me.
Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - House to Home, Inc.
Broker/Owner
720-231-6373
www.JoanCox.com
Joan@JoanCox.com
About Me
- Joan Cox
- Denver, Colorado, United States
- With 13 years in real estate, I specialize in relocation, new construction, investor purchases, first time homebuyers and sellers. Ask me about my web site! Call today - 720-231-6373 In August 2009 I opened MY OWN Metro Brokers office in the Tech Center.
