To update our Noblesville and fellow Hamilton County residents, the Senate approved the Unemployment Insurance/benefits extension bill which included “extending and expanding the home buyer tax credit provisions“.  Senate approved the bill earlier in the week by a unanimous vote of 98-0.  The U.S. House voted overwhelmingly to approve the tax credit changes by a vote of 403-12.  The last remaining step in the legislative process is the President’s signature and he did so TODAY! 

Key Points Include:

  • Extended Tax Credit - First time home buyers may receive 10% of the Sales Price or a maximum of $8,000 for homes “under contract” by 4/30/09 and “closed” by 6/30/10.
  • Expanded Coverage - Repeat buyers who have used their home as their principal residence consecutively for 5 of the 8 previous years will be eligible for a $6,500 tax credit.
  • Income Limits - Single buyers changed from $75,000 to $125,000 and Married buyers changed from $150,000 to $225,000. 

For a better overall snapshot of the changes, you may want to check out the National Association of Realtors (NAR) chart on the Home Buyer Tax Credit Changes as well as their Frequently Asked Questions (FAQs) summary.

There’s never been a better time to buy and sell and with these tax credit changes, both buyers and sellers can benefit.  The incentive for current homeowners that may have been “riding the fence” or “waiting out the market”, you may want to consider that move to up-size, down-size, more features/amenities such as a basement or 3c garage.  There are plenty of deals to be had with short sales and bankowned properties too

If you have specific questions about the changes to the tax credit legislation, please feel free to contact this Noblesville Realtor.  For Buyers, call me for your FREE Buyer Consultation so that we can get your home profile and searches set up and working for you.  And for those Sellers, it’s so important to be “show ready” when your house hits the market so call me for your FREE Market Analysis & Market Ready Plan of Action!

If you are thinking about buying or selling a Noblesville home, be sure to contact this Noblesville Realtor.  Our team is averaging 59 days on the market in 2009 and our sale price to list price is 96%

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