Will the Extension of the New Buyers Tax Credit & The New Move Up/Repeat Credit help our Housing Market?

House for sale in Kildeer Illinois


New Home for Sale in Kildeer

With the ending of the New Buyers Credit and now the extension, my real estate team has not seen any change in activity.   We seem to be having the typical end of the year cash buyers looking to invest in great priced properties and a good mix of other home buyers looking to purchase when they find the right home.  

Many of the First Time Home Buyers are still sitting on the fence. Even when time was running out, it didn’t seem to phase many of them.   The $8000 didn’t seem to make much of a difference to the First Time Home Buyers we met.   Some did take advantage and still are planning to.   It is free money that I wish I had when I bought my first condo at 18% interest with no help from the government.

The new Current Home Owners Credit will help many that wished the first time credit was for them.   Now is their chance to take advantage of the real estate market.

Some of the highlights of the programs include:

First Time Home Buyers  Credit

Same $8000 Credit ($4000 if married filing seperately)

Must have not owned a home for the last 3 years

Termination of Credit is purchases after April 30, 2010

Income limits  $125k single or $225k married with additional $20k phase out

Move Up/Repeat Credit

Credit amount $6500 or $3250 married filing seperately

Effective Date November 7, 2009

Current homeowner must have lived in the  home being or is sold for at least 5 of the last 8 years

Termination of Credit is purchases after April 30, 2010

The contract has to close before July 1, 2010

Income limits are $125k single or $225 married additional $20k phase out

$800k limit for new home purchase

The property cannot be purchased by a dependant

The purchaser must provide proof of purchase with tax return (see your tax accountant)

Click here > NARs website link for specifications and more information including charts on the First Time Home Buyers Credit and the Current Homeowner Credit  

This is my intrepretation of the new programs, please see your accountant or attorney for specifics on if/how you qualify.

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Posted By:   Julie Anne – The Julie Anne Real Estate Team at Keller Williams Success Realty

Northern Illinois Real Estate AgentBarrington – Deer Park Real Estate Expert and surrounding areas

847-620-5815    julie@homesbyjulieanne.com

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