The clock may have stopped ticking....or at least slowed down for a little while! Yesterday afternoon, the Senate approved the extension to the $8000 First Time Home Buyer Tax Credit. The new credit will be good through April 30, 2010.
In an effort to continue the increased demand for residential real estate, the government is giving buyermore time to find the home of their dreams. Here are a few important dates to keep in mind:
- Buyers must be under contract by April 30, 2010
- Buyers must close escrow no later than June 30, 2010
The Senate has also introduced provisions to allow for current homeowners to take advantage of the tax credit. Homeowners who have lived in their homes as primary residents for 5 years or longer may soon be eligible for a $6500 tax credit when purchasing a new primary residence.
We are all patiently awaiting the President's signature that will put this bill into effect.
Make the Call, Set the Plan, Do the Deal$!
Feel free to listen to my Radio Show to learn more about the phoenix real estate market, new trends, and the latest opportunities. The Real Estate and Beyond Radio Show Airs every Saturday from Noon-2:00pm on Conservative Newstalk KKNT 960am in Phoenix, Arizona. You can listent to past shows, or stream on-line.