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I’ve been doing a whole lot of reading this week, scouring the internet for any signs of change in the Homebuyer Income Tax Credit and have not seen anything that appears to be relevant. Many of our buyers want to know our opinion on whether the income tax credit will be extended, and thus far and have to stick with my earlier opinion that it will not be extended.
Just to reiterate and clarify the significance of the tax credit, buyers might be eligible for up to $8,000 of income tax credit immediately if they purchase a home that meets these two simple criteria:
- The purchase must close no later than June 30, 2010
- The purchase agreement must be executed no later than April 30, 2010
So, in a nutshell, the income tax credit will be coming to an end in 3 weeks for people looking to buy a home. Regardless of your price range, this is a good bit of money. If you are considering buying a home under $200,000, the tax credit very likely could return your entire down payment (on an FHA loan).
Compound that with low interest rates that have already started to rise, I would think now is not the time to procrastinate (even if there are important things going on like baseball games, dance recitals, and year-end school activities). For $8K, it might just be worth the inconvenience.
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To what extent do you think the end of the tax credit will effect the recent uptick in the market. Down here in Orlando, March sales were up 5% over February and 40% over March 2009. Prices have ticked up 12% from January. Two thirds of the transactions were short sales and foreclosures. The hidden positive I believe is the sudden influx of foreign buyers. I think investors may feel that we are now coming off the true bottom.