$8,000 Tax Credit Extended!!

Members of the Senate came to an agreement on a proposal to extend a tax credit for first time homebuyers, though the legislative body has yet to vote on it.The proposal would extend the $8,000 credit for first time homebuyers until April 30, 2010, and would allow for those contracts to close up until the end of June. After the April expiration date, the credit would be reduced by $2,000 every few months until October, and would finally expire in December.Many have tied the tax credit to resurgence in the home market. With expiration of the credit looming, new home sales fell by 3.6 percent in September, or an annual rate of 402,000.Members of the Obama administration have expressed support for the extension. In a joint statement, Cabinet members Tim Geithner and Shaun Donovan called on Congress to pass a measure extending the credit."This credit has brought new families into the housing market and contributed to three consecutive months of rising home prices nationwide," the statement said.Along with extending the tax credit, the agreement in the senate would expand the credit to people who have lived in their homes for at least five years. Those homeowners would receive a $6,500 credit.

If you are a first time home buyer and you wish to take advantage of the $8,000 tax credit contact us and we can help. (619)895-0389 jgoodell@coldwellbanker.com

If you are a current home owner and wish to learn more about the $6,500 credit for home owners please call. (619) 895-0389 jgoodell@coldwellbanker.com