Tax Credit extension is finally helping move up buyers!

As you may already know, the "first time homebuyer tax credit" was extended through the end of April, 2010. The part of the credit that was added and has me even more excited is the portion that finally includes current homeowners that want to sell...and buy another home. As much as I love a 1st time buyer, I haven't seen the fairness in not letting move up buyers have a "piece of the pie" as well. Now they can...hooray!!

Here's the scoop:

1st time buyers
-Still receive $8,000 (or 10% of purchase price, whichever is less)

Move up buyers
-Now get $6500 (or 10% of purchase price, whichever is less)
-Downsizing is A-ok (ie. new purchase needn't exceed the price of the house you're selling)
-You must have lived in the home you'll be selling for 5 of the past 8 years

Both Groups:
-Must be in contract on new home by April 30, 2010
-Closing needs to occur by June 30, 2010
-Income for single buyers to be below $125,000
-Income for couples to be under $225,000

-Purchased home can't exceed $800,000

This is not a tax deduction...it's cash in your pockets!

I do realize that buying and/or selling a home is no small feat and would never try to talk someone into doing so. Buuuut, if you are already thinking about moving and your current home is in the first time buyers price range (under $225Kish), I truly don't think there will be a better time to sell...at least for quite awhile. Especially considering how low rates have been.

Whether you've got questions, want to discuss options, or just want to get on the road to your next humble abode, get in touch with me. You'll be glad you did!

E-mail: haley.weaver@kingthompson.com

Cell: 614-530-0005

Office: 614-523-0808

Fax: 614-474-8427