I have been receiving email updates from the National Association of Realtors along with checking with national news media over the past couple of days regarding the extension of the First Time Buyer Tax Credit.
What is being proposed by Congress, and seems to have been agreed to verbally, is that there will be an extension for the First Time Home Buyer Tax Credit until April 2010. There is also a proposal that will include a $6,500 credit. To qualify for this credit, the buyer must have lived in their primary residence for five continuous years before the purchase of their new home.
Although the senators have not decided how they will pass this bill, it is being reported that they may attach it to a current bill for unemployment benefit extensions. This new tax credit will be great news for the trade-up housing market. This is the market currently suffering the most in our area, homes priced at $250K and above.
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