Has the Home buyer Tax Credit been Extended or Not? I got really excited as I received from two different marketing sources that the Home Buyer Tax Credit has been extended through 2010 at a somewhat discounted rate, depending on different situations.
Below is the news statement I have received.
Senate Banking Committee Chairman Chris Dodd (D-Conn.) says Senate Democrats have agreed to extend the first-time home buyer tax credit. The latest version extends the program to home sales signed — not closed — by April 30. Purchasers would have another 60 days to close the sale. The credit will also be expanded to include so-called step-up buyers who have lived in their current home for at least five years.
The credit would be cut slightly to a $7,290 cap. Income eligibility for first-time home buyers would stay the same, but it would rise for step-up buyers to $125,000 for individuals and $250,000 for couples.
Source: Bloomberg News, Dawn Kopecki and Ryan Donmoyer (10/27/2009).
So, before I decided to start announcing to the world that the Home buyer Tax Credit had been extended, I went looking to see this legislation and what sources were announcing this great new Credit that would certainly help to get more clients, or would it? And Nada, Nothing! I don't see anything stated anywhere about this new extension of the Tax Credit except in a few Realtors blogs.
Now, I am not saying that the First Time Home buyer's Tax Credit won't be extended, but as far as I can tell, it isn't official as yet. Then I get ready to write my post and I see this BlOG by Lenn Harley and knew that I was probably right.
Before we get all excited, we need to hold on to our horses and make sure that we know exactly what we are talking about and all of the details that this extension may involve and if there is even an extension.
Thanks for Reading.
Brenda Mullen – San Antonio Texas Real Estate Professional
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