Eureka. President Obama signed today the Extended Home Buyer Tax Credit legislation approved yesterday by Congress.
- The $8,000 home buyer tax credit is extended to April 30th, 2010, with another 60-day extension for those home buyers who have entered into a purchase contract by April 30th, providing it closes by June 30, 2010.
- Buyers who are not first-time home buyers can apply to receive a tax credit of $6,500, providing these buyers have owned and occupied a principal residence for 5 out of the last 8 years.
- Income levels for those who buy a home on or after November 6, 2009 is raised to $125,000 for a single person and $225,000 for a couple, with phase-outs above those levels.
I wonder if some buyers will now cancel existing escrows because they felt pressured to buy before November 30th? Some buyers might have settled for a home they did not truly want or avoided trying to buy a short sale home based on the expected expiration date of November 30th . . . read more about the Extended Home Buyer Tax Credit.
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At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.