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Extended Buyer Tax Credit Explained…Will the market pick up?

There is a lot of people (consumers and Realtors®) alike that were anxiously awaiting to see if the government would extend the tax credit. Some people were sitting the fence to buy unsure of what would happen. Many sellers were concerned that the potential fate of their home selling rested on what the government decided. The waiting was over on November 6, 2009 as President Obama passed the Extended Home Buyer Tax Credit 2009/2010.

Key Elements Of Extended Home Buyer Tax Credit:

First Time Home Buyer

Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.

First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.

A “first-time home buyer” is considered as the purchaser or his/her spouse who may not have owned a residence during the three years prior to the purchase.

Existing Home Owners

Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

So the question on that most people ask is how do I get this tax credt?  Your first step is o get with your lender and your tax professional.

Will this stimulate the housing market? I’m sure in some areas of the country this could really help stagnant sales. In my marketplace in Houston, we have seen some slowdown, but is that from normal seasonal fluctations or was it that buyers that were waiting on how the chips would fall with extending the tax credit?

More information on the this can be found through link