Changes to the Homebuyer Tax Credit Law Both sides of congress have passed the bill extending and expanding the home buyer tax credit. click on the link to see the basics in a nutshell. This new version has a component giving a credit to current homweowners who sell and buy. This should stimulate the economy even further as every time a home is bought and sold, repairs are made, appliances bought, painters, plumbers landscapers employed.
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By Robert Schroeder, MarketWatch
WASHINGTON (MarketWatch) -- Senators have struck a deal to extend a popular tax credit for home buyers beyond those buying their first house, Senate Majority Leader Harry Reid's office said Wednesday.
Legislators also have agreed to extend the tax credit through the end of April, according to a Reuters report.
An $8,000 credit for first-time home buyers is set to expire at the end of November. Under a compromise reached by senators, the credit would be expanded to those who have lived in their home for five consecutive years, a Reid spokeswoman said.
The credit for repeat buyers would be $6,500.
The credit reportedly would be available for individuals making up to $125,000 a year and couples earning up to $225,000 per year, up from the current income limits of $75,000 and $150,000, respectively.
Reid wants to attach the tax-credit measure to a bill that would extend unemployment benefits
This is not a done deal yet, but all indications are it will become law! Stay tuned for further updates.
In my opinion, the first tax credit did a good job of stimulating the market for 1st time buyers. This expanded version takes it a step further- ofering the rebate to trade-up buyers, creating 2 transactions, they sekll their present home and buy a new one ( either bigger for a young family or downsize for an older family). It also increases the income level for eligibility.
| Boston in Top 10 for "Biggest Rebound" City |
| 10/14/2009 |
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Here's the top-10 list: 1. Washington, D.C. (tie) Source: The Wall Street Journal, Sue Shellenbarger (09/30/2009) |
This forwarded article from The Boston Globe, explains the Placentino elementary school's innovative options for learning. Check out the article at the link. Holliston has always had consistently highly regarded schools at all levels and this is another example of why.
The 1st time buyer tax credit, is perhaps the best opportunity and incentive in years to become a homeowner. Think about it- since the market peak in 2005, home price are down about 25%, interest rates are at historic levels- hovering around 5% +/-. with an FHA loan you can buy with as little as 4% down payment and THE GOVERNMENT IS GIVING YOU $8,000. credit !!!!!
If you have been thinking about buying your own home in Metrowest MA, but aren't sure how it works or if you qualify. PLEASE call me for some straight talk, no pressure discussion on your questions and concerns! I have 24 years of experience and real estate knowledge to share with you.
Watch this video for a quick (2 minute) synopsis of the program, then call John 508 277-1784.
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Free MLS search and Home evaluation. Whetehr you are looking in Hopkinton, Southbor, Framingham or any Boston and Metrowest communities. I will help you make an informed decision.
I can show you how to save Thousand's $, I bring 24 years of real estate sales and marketing success to share with you. I pride myself in my dedication, use of technology and innovation to bring my clients the best possible information to make informed decisions in their real estate transaction. Visit my website www.JohnSavi.com which has timely articles and comments on market conditions. I specialize in the Metrowest towns of Ashland, Hopkinton, Holliston, Natick, Southboro and Westboro. I have been the marketing coordinator for many New Construction subdivisions and have a great wealth of knowledge on new homes. Find your homes value online at www.johnsavi.com it's free and quick!
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"Thank you so much for your dedication and hard work. John without you none of this would have been possible. You helped make a crazy and hectic situation a much more enjoyable experience. Thank you from the bottom of our hearts."
Frank and Keila
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John,
Thanks again for all your help. We are extremely happy to have found you to help us sell our house.
Mert and Nicoa
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I would be very comfortable referring someone to you. You were more than attentive and helpful. I wish more people, in all businesses, were as customer oriented as you are.
Thanks again,
Kathy L.
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Thank you very much for all your help over the few months. We are very happy with our purchase and looking forward to becoming long term residents of Westborough. You were very patient and understanding through the whole process. We extremely appreciate that.
We will gladly refer you to people looking for housing.
Zahid & Maria A.
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Hi John. Just wanted to send you a quick note to say thank you again for everything you did for us.
We met our soon to be be new neighbors tonight and made me think back to five months ago.
I feel more at home in this house in five months than I did in almost three years at the condo.
So just wanted to let you know how much we appreciate the time and energy you gave to us to get us into the most wonderful home.
We hope all is well with you, Kevin and Sue P.
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