home buyer tax credit update!

Everyone should know by now that the current "First time buyers tax credit" is going to expire on Dec. 1st. People have been wondering if it is going to be extended, modified or left to go away.

THE LATEST WORD OUT OF DC IS THAT IT MAY BE EXTENDED PLUS MODIFIED TO INCLUDE OTHER BUYERS AS WELL.

The "other buyers" I am referring to are existing home owners! To meet the conditions as they currently are written in the bill, you have to have been owning/living in a home for a consecutive 5 out of the last 8 years.

"And eyes continue to be on the tax credit extension, which either prolongs the inevitable or helps the housing market to stabilize and recover, depending on how one looks at it. A Senate committee reached a compromise to extend the credit, and also tacked on a $6,500 tax credit for other primary-home purchasers and raised the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers. Under the Senate panel compromise, buyers must have sales agreements in hand by April 30, but they will have until June 30 to go to settlement, the sources said. The measure still faces votes in the full Senate and the House."

If you're a current home owner that might take advantage of the $6,500 then you better start prepping to sell right now! I'm talking about cleaning, de cluttering, painting, staging - etc so your home sells at the highest possible price! April 30 will be here before you know it! Keep in mind you will be competing with many other home owners looking to take advantage of the very same deal you are!!! Contact a Realtor now for help developing a plan of action!

Remember - this is not "The Deal" yet!!! This has passed a commitee vote but is not voted on by either house or signed into law!