This Ain’t Scary: Tax Credit Extension AND Expansion!!!

October30

HAPPY HALLOWEEN!!!!

This is definitely NOT scary news!!  This morning, the $8000 tax credit extension was extended and expanded for first-time home buyers AND repeat home buyers. This is the tentative plan, but not official until the government releases the documents with all of the fine print. Here’s the new tax credit deal the Senate settled on this morning:

The $8,000 first-time home buyer tax credit would be extended (it was set to expire November 30) for home buying contracts that are finalized by April 30, 2010 and close before June 30, 2010.  And, remember this is a “credit” not a “deduction”.
A new $6,500 tax credit is available to some existing homeowners who lived in a home for a consecutive 5 years out of the past 8 years.
This is very exciting news and definitely takes the pressure off *first-time buyers* (anyone who has not owned a home in 3 years).  I can’t wait to hear more about the $6,500 tax credit that will be applicable for homeowners who have lived in their home for 5 consecutive years!  That’s a thoughful (as in “full of thought”) move!  As those that have owned their homes for at least 5 years COULD be in or close to an equal or positive cash-flow in the pricing game and allow for an exit from their existing home (and purchase of a new home) with $$$ in their pockets (especially considering the tax credit).  There will be more details and information to follow as they are made available!
You can go to www.portlandrealestateupdate.com and read through the blog rolls for more details or ready this June blog post regarding the specifics and a Q & A on the “soon-to-be-former” tax credit:

About the Author | Janeese Jackson

My job is service...service to you and your real estate transactions! How can you benefit from my 20 years of experience and expertise? What can I offer to make the process more productive? * Current information on available housing...comparative and competitive market pricing and analysis * Daily involvement in the local real estate marketplace * Thorough, comprehensive knowledge reflecting years of helping others complete their real estate business * Extensive network of professional resources to make the process as smooth as possible My commitment is to you! Being available to you...returning your calls...answering your questions...addressing your concerns...respecting your money...matching your timeline...meeting your expectations...helping accomplish your real estate goals!!

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