The suspense is finally over on whether the $8,000 tax credit will be extended.  The Senate had already passed the bill, but now the House of Representative have approved the bill unanimously.  The President signed it into law today.
 
This is felt by many as an important step in keeping the housing recovery going.  The $8,000 credit has been  extended for buyers who have not owned a home for the last  three years.  The bill has been broadened to include a $6,500 tax credit to buyers who owned and used a home as their primary residence for  5 consecutive years out of the last 8 years.  It has raised the income limit for a single person to $125,000 and for a married couple $225,000.  The law also limits the home price to $800,000 and under.  The home being purchased must be contracted for by April 30, 2010, and must close by July 1, 2010.
 
Although the inventory of homes is now standing at about 6 month’s supply in the Port St. Lucie area, there are reports that  more foreclosures will be coming in the months ahead.  This tax credit will be an incentive for buyers to step in and buy a home at not only a low price but to receive a credit.  This will help clear the inventory out and eventually stabilize the market.  Sellers who are sitting on the sideline waiting for some kind of normalcy  to return to the market before putting their homes up for sale can then price their homes at a more attractive price.
For answers to any questions you might have, call us at 800-876-3535, or email us. You can also download this Information Pack from the Florida Association of Realtors, it addresses many common questions and answers.
 

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