This is a Sponsored Post written by me on behalf of Coldwell Banker. All opinions are 100% mine.
The tax credit for first-time home buyers was set to expire this past November. However, Congress has signed a bill which extends that credit. The new bill raises the cap for first-time home buyers, as well as allowing current homeowners to possibly receive a credit for moving up.
If you are buying a home for the first time, you can receive a tax credit up to $8,000.00! The credit also may be for you if you have lived in the same home for five of the past eight years, and are looking to move up to a different home. That type of home purchase can gain you a credit of up to $6500.00.
We have no way to predict what the economy is going to do, nor whether this credit will ever be extended again. Since it expires on April 30th, 2010, you have to have a binding contract written for your home purchase in order to take advantage of it. Your closing date also has to be schedule, prior to June 30th, 2010.
It may seem like now isn’t the time to be buying a home, with the way the economic picture looks. However, the numbers have shown that is not the case. According to the 2009 National Association of Realtors® Profile of Home Buyers and Sellers, the number of first-time home buyers rose to 47 percent of all home sales from 41 percent of transactions. This is the highest amount since 1981!
What I am loving about this bill is the fact that it also caters to those buyers who are looking to move up. Let’s say there’s a couple who bought a home about six years ago, when they were first married. Life has changed for that couple over the years. They now have a few children, a couple of pets, and a lot of stuff. Their current house just isn’t working for them now, but they’re afraid to dive in to something larger. Having this credit out there will be a great way to help them finally make that decision, and get into a house that suits them better.
It doesn’t cost anything to look, you know. You can always check out what Realtors such as Coldwell Banker have available in your area. Do a free search right in your current home. You may be surprised at the costs of housing right now, and find that you actually are able to afford that dream house.
I always say to do your research before buying something new. This is absolutely no exception. Don’t only research the home you want to buy. Make sure to do your homework when it comes to the tax credit, your mortgage, and all of the many other details. Buying a home – especially for the first time – can seem like a daunting task. However, people like those at Coldwell Banker are there to help you… making the process easier, every step of the way.