Legislation may be signed by the President on Friday! The following article from Business Journal provides an overview of the provisions.
http://washington.bizjournals.com/washington/stories/2009/11/02/daily94.html?ana=e_pft
Let’s take a hard look at this federal program. $8,000 tax credit for first-time home buyers is extended to April 30, 2010. Income eligibility is raised to $125,000 for individuals and $225,000 for joint.
Congress has added a $6,500 tax credit for owners of existing homes who buy a new principal residence. Owners must have lived in their old home for at least 5 of the past 8 years.
This tax credit will disappear in 5 short months!
Assume it will take a month to close (the system will slow the process down) since there will be a flood of activity. This will leave you ONLY 4 months to consider buying, locating the right home for you, and negotiating a contract of sale. Not a lot of time and if you procrastinate, the opportunity will pass you by.
Remember, you need to get on the real estate band wagon!
Interest rates remain under 6%
Home prices are at the bottom
Inventory is at a peak!!
This is a PERFECT STORM.
Ride the benefit – after all, when is the last time anyone wanted to give you $8,000??
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