The direction that we have seen in the housing market might be coming back with the $8,000 tax credit for first time home buyers and the new $6,500 housing credit.
The start of the recovery in housing might be just around the corner with the current legislation that is working its way through Congress here in November.
We should see a turn in the real estate market with the extension of the $8,000 first time home buyer tax credit and the new $6,500 housing credit for other buyers.
Requirement Information subject to change:
- First-time buyers could continue to claim up to $8,000.
- Existing homeowners who have lived in their home for 5 years or more could receive up to $6,500
- Must trade up to a larger principal residence.
- The full credit would be limited to buyers who earn less than $125,000 a year and for married couples with annual incomes up to $225,000.
- The credit could only be used for homes selling for $800,000 or less.
- Contracts must be signed by April 30, 2010 and sales must close by June 30, 2010.
