No longer just a Bill - It's official!
On November 6, 2009, Presidnet Obama signed into law the extension of the $8,000 tax credit for first time home buyers. This law has a few additional perks, though, for some move up buyers! Along with extending some unemployment benefits for several hard hit areas of the country, it also adds a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).
Find out more at the Federal Housing Tax Credit website! Along with boosted income limits for buyers: $125,000 per year for single buyers, $225,000 for married couples. We look to this extension to maintain some strong sales of homes for sale in Cincinnati through the winter and kick start our spring season!
It won't last forever! You need to have a property under contract by April 30, 2010 but then until June 30, 2010 to get it closed. Don't look for this to get extended again...this will likely be the last shot for this tax credit!
If you or someone you know is thinking about making a move, call me now for a FREE, no obligation evaluation! I can help you make well informed decisions regarding your next move!
Chris Wood
REALTOR
chris@chrisjwood.com