Tax credit for Move Up Buyers will help Fullerton real estate sales, and many others

If the current tax credit for first time buyers is extended and modified as is now proposed, then move up buyers will get a $6500 tax credit also. Fullerton real estate could get a real boost from this new twist - the current proposal not only allows for move up buyer to participate, but also increases the current limit on income. Being considered now is a plan to let income go up to $250,000 (for joint filling) or $125,000 (for single filing). Also required is the criteria that the buyer has to have lived in their current home for 5 of the last 8 years. Homes for sale in Fullerton would then get a boost, which has not been seen in the current wake of the existing tax credit. The current tax credit targeted the first time home buyer, and therfore excluded the mid range homes typically desired by the move up buyers. If this all passes then the real estate market will get a shot in the arm.

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