Obama Set To Sign A Big Tax Break For Homebuyers
- Nov 05, 2009
- Home Buying Tips, REALTOR News, Real Estate Headlines
- No Comments
HOT OFF THE PRESS….
WASHINGTON – Missed out on Cash for Clunkers? Congress has another deal for you: Buy a home before May 1 and collect up to $6,500 from the government. If you’re a first-time homebuyer, get up to $8,000.
As part of the government’s efforts to encourage people to spend money to help revive the economy, the House voted 403-12 Thursday to expand a popular tax credit for homebuyers. The bill, which also extends unemployment benefits and expands a tax break for money-losing businesses, now goes to President Barack Obama, who plans to sign it Friday.
First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package. But with that housing program scheduled to expire at the end of November, the House voted to extend it into the spring — and to expand it to many people who already own homes.
Buyers who have owned their current homes at least five years would be eligible, subject to income limits, for tax credits of up to $6,500. First-time homebuyers — or people who haven’t owned homes in the previous three years — could get up to $8,000. To qualify, buyers have to sign purchase agreements before May 1 and close before July 1.
This story is breaking news across all of the major news web sites. You can read the entire news release by CLICKING HERE.
While it is not officially signed, sealed and delivered… it sure appears to be heading that way.
People ask me every day how the real estate market is. My response is typically “it depends if you are a buyer or a seller” (and when you bought your home if you are a seller).
This news is yet another reason (in addition to low prices, low interest rates, great inventory selection) for buyers to celebrate!
That’s my opinion…
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