Blog, Featured, Market News
First Time Homebuyer Tax Credit Extended & Expanded
November 9, 2009 by admin · View Comments
If you feel like the first time homebuyer tax credit was a sweet deal that you missed out on, you’ll now have another shot, the program has now been extended through April 30, 2010.
The Tax Credit was also amended to include move-up buyers who’ve been in their current home 5 consecutive years over the past 8 years. Those eligible buyers will receive a $6,500 credit, as opposed to the $8,000 for first timers. Eligibility will be limited to an income of $125,000 for individuals and $225,000 for married couples. There is also a limit on the price of the home you can buy, $800,000, which was not the case before. This increase has included an additional 14% of the population that were not eligible under the previous program.
More good news for the real estate market, FHA has amended the condo qualification standards to be more lenient and accessible to condo buyers effective December 7th, 2009 through February 1st, 2010.
The original first-time homebuyer tax credit jump-started the housing market, driving home sales to the highest level in more than two years. The National Association Realtors reported sales jumped 9.4 percent to a seasonally adjusted annual rate of 5.57 million units in September and are 9.2 percent higher than the 5.10 million-unit pace in September 2008.
Related posts:
For more than 8 years, Grant Hammond has been a leader in the greater Nashville real estate marketplace. In the first half of 2010, he is again the top producing Realty Executives broker in Middle TN.
Comments
View Comments to “First Time Homebuyer Tax Credit Extended & Expanded”Trackbacks
Check out what others are saying about this post...[...] Pending Sales (Very Good, Holding) Pending sales in Nashville are up rather significantly in 2009. Since January, pending sales have vaulted 60.87 percent higher. Also, for the third consecutive month, total pending sales are higher than their levels a year ago. October 2009 levels are a full 40 percent higher than October 2008 when 1,504 total properties were pending. This is very, very encouraging news as it represents a new 2009 benchmark high in addition to bucking our usual seasonal dip (thank you first time homebuyer tax credit). [...]
[...] estate inequity that would seem to point to continued falling prices. This in the face of a federal housing credit program ending, banks continuing to foreclose at breakneck paces, measurable unemployment near 10% and a general [...]
[...] lead to inventory reduction (in a balanced market). Could this renewed activity be a result of the tax credit or perhaps pent up demand finally being released? Yes, but neither I nor anyone else is going to be [...]
[...] by WP Greet Box WordPress PluginShareMost real estate professionals would agree that the extended first-time home buyer credit has led to an increased level of purchase activity in Nashville. However, most tend to also believe [...]