Tax Credit - Update

The tax credit has already proven to be an effective means of boosting economic activity. IWe hope that the government’s action to enhance it will have the intended additional stimulative effect that will help get housing and the economy back on solid ground.

The new law extends the $8,000 first-time home buyer credit through April 30, 2010, giving buyers who have signed a sales contract by that deadline until June 30 to close their deal. A new credit of up to $6,500 was created for repeat home buyers who buy a principal residence if they have been residing in the home they currently own (or previously owned) for five consecutive years out of the eight years preceding the purchase of the new home.

It’s not just a first-time buyer tax credit anymore. Move-up buyers, move-down buyers, and others who have previously owned a home can now qualify as well. In fact, close to 70 percent of all potential home buyers should now qualify for some form of the credit.

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If you would like to know what your homes current value is check out Market Snapshot on my website http://www.cribbinrealty.com/market-snapshot-2.html or just call me at 636-294-6061.

.For any of your Real Estate Questions or Needs call Me at 636-294-6061 or Mike@cribbinrealty.com Remember “Cribbin Realty” Where Performance Outsells Promises.

Mike Cribbin