If your search to purchase a home for the first time had you in a flabbergasted state
to hastily make a choice from what's available on the market... guess what? GOOD NEWS!! The deadline date for qualifying for the tax credit awarded to home buyers has been prolonged!
Agents and buyers can both cease from holding their breath... a bit, for Congress has extended AND expanded the tax credit for qualifying buyers. The official last day for filing (income) taxes with the IRS is April 15Th, 2010. The official last day to have a written binding purchase contract for a home is April 30Th, 2010. As long as the house closes by July 1, 2010, the credit can be taken.
If you are a CURRENT homeowner, and will buy a new home between November 7, 2009 and April 30,
2010, a tax credit benefit of $3250 or $6500.00 (depending upon your filing status) has been made available for you also! This is EXCEPTIONAL news for homeowners who have used their principal residence for 5 of the prior 8 years consecutively.
BEST NEWS OF ALL?? THE TAX CREDIT DOES NOT HAVE TO BE PAID BACK!!
Confused? Do not fret. The National Association of Realtors, has a more thorough explanation at their website. A helpful chart denoting the distinction between the old tax credit rules and the new extended tax credit has been issued by Governors Affairs Division and can be accessed here.
We encourage you to contact your local REALTOR® to acquire personalized information tailored to your needs. To start your search for available homes in the South Suburban or Chicago-land Area, click the Rice Property Management logo below.
"Where the RIGHT Price is the RICE Price!"
Rice Property Management & Realty, located in South Holland, Illinois, has agents that work with first time home buyers seeking homes in Illinois and Indiana. Give us a call at 708-862-7423
(Images courtesy of Bing)
Diane,
I think you did a great job of explaining the extension and expansion.
Have a great weekend!
Hi Sybil! Thank you!!!! Have a great weekend yourself!
Great post on the New & Expanded Tax Credit, Diane. Hope this will boost our winter market.
Carol: Thank you! We hope it will get the attention of those who did not move before for whatever reason!
Diane - I especially like that is now going to help current home owners as well. This may spur the move up market a little which will ultimately make a little more room for first time buyers.
Jane, yes... the MOVE-UP market... let them come too! Get ready to do your deals! Thanks for coming in!
These new plans should definitely give a boost to the spring market Diane. Thanks for the details...
Diane, this is great news and just hearbing about since my surgery Oct 30. Getting strongerr everyday and now able to get on tje computer.
Gary: For sure... we must take advantage of it while it's here!
Rebecca: HOWDY - I had prayed for a successful surgery... so GOOD to SEE your smiley face back in the Rain! May your recovery go smoothly, and may all of the things you were not able to keep up with become solved! Stay encouraged!
Diane things were getting a little crazy there for a while with everyone trying to close by the 30th of the month. This should create a busy Winter.
George, yes, we are experiencing it here too.... but think ahead and watch how April will be with BOTH tax deadlines..... WOAH!!! Don't want to know....
Diane, I think extending this was a wonderful idea. I too hope it helps the market during the winter months!
Hi Carole! I thought so too, along with many others! Let's get these houses moving! Have a good weekend!
Hey Ms. Diane! So, I have been inundated with the tax buyer credit thing, your post is a good explanation, but also a good reminder that if we need to look into it further, it is on our Realtor site. Every so often they come in handy!
It's Jane!! Girl, me too... had enough of hearing and reading about.... so much so until I HAD to WRITE ONE TOO!
Diane, Excellent post on the extended and expanded home buyer tax credit. Great news for the home buyers who might have missed out the first time around. I've reblogged!
Hi Debbie! You reblogged? thanks - I am truly honored! Have a great Sunday!
Diane great job on your post. This I am sure will be a big shot in the arm for the real estate industry especially since the credit was extended to those move up buyers.
Hi Jennifer - yes it will!