Tax Credit expands to homeowners and First Time Home Buyers
Posted 11-06-2009 at 10:48 AM by jeffvivian
Governement has tentativley reached an agreement that is going to extend the First Time Home Buyer Tax Credit and expand to include Homeowners who are going to sell their home. Details of this agreement have not as of yet been released in full but it is believed that the $8000 tax credit to first time homebuyers will be extended to the end of June and now sellers will be entitled to a tax credit of $6500 for selling their home and buying another home.
The Governement hopes that this credit will help build the property ladder furthering the recovery in the housing market. DO not expect this to create a rush on the market or an enormous sell off as the government most likely will attach stipulations for homeowners to quailfy. Namely homeowners must have owned their home for a period of 5 years and there is also expected to be income and sales value qualifications also attached.
Locally this will give sellers in the Lehigh Valley incentive to start evaluating the market as the 6500 tax credit will eat up most losses that homeowers experienced during the 07 and 08 market downturn. Statistically the 09 market stablized from month to month and the 2010 markets appears to have extreme oppotunity with affordable prices, low interest rates, and now an added incentive.
Obviously time will tell how effective this credit will be and the market will still be affected by any negative economic the we could encounter. But all signs point to an economy moving forward and now hopefully a housing market that will start to pace forward as well.
Please post any comments for me to answer...
The Governement hopes that this credit will help build the property ladder furthering the recovery in the housing market. DO not expect this to create a rush on the market or an enormous sell off as the government most likely will attach stipulations for homeowners to quailfy. Namely homeowners must have owned their home for a period of 5 years and there is also expected to be income and sales value qualifications also attached.
Locally this will give sellers in the Lehigh Valley incentive to start evaluating the market as the 6500 tax credit will eat up most losses that homeowers experienced during the 07 and 08 market downturn. Statistically the 09 market stablized from month to month and the 2010 markets appears to have extreme oppotunity with affordable prices, low interest rates, and now an added incentive.
Obviously time will tell how effective this credit will be and the market will still be affected by any negative economic the we could encounter. But all signs point to an economy moving forward and now hopefully a housing market that will start to pace forward as well.
Please post any comments for me to answer...
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