The National Association of Realtors put out a "cheat sheet" for the new tax credit for first time and move up buyers. Nothing changes for the first time buyers, it's still an $8000 federal tax credit, or $4000 each if married and filing separately. The date range is great! Instead of just saying when a contract has to close (such as November 30th) there is now a deadline for having a deal going (April 30th 2010) and then to get it closed (July 1st 2010). This will clarify most of the questions about the tax credit, I'm still getting asked if people can get the one expiring at the end of the month.
The big addition is the move up buyer credit of $6500. If you have owned your home and lived in it for 5 consecutive years out of the last 8, then you get that credit! It's great news for the market because the move up homes, usually valued over $250,000, have not been moving nearly as fast as the lower end. To make the market really buzz we need people to buy a home, have those sellers buy a more expensive property, and then repeat about 4 times!
Read the Full Cheat Sheet Here.
No comments:
Post a Comment