The home buyer tax credit has made a an impact on the housing market. Many agents are working with clients who have recenlty purchased using the incentive of the $8000 tax credit currenlty due to expire on November 30th and a primary motivator.
According to the Wall Street Journal, it appears that Senate negotiators have reached a tentative deal to extend the tax-credit for first time buyer, but whether it will pass is uncertain. CALL YOUR SENATORS!!!!
The agreement would extend the existing credit for first-time home buyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners. Additionally, the income limits would increase from $75,000 to $125,000 for singles and $150,000 to $250,000 for married couples. The expiration date of December 1st, 2009 would extend to contracts being entered into by April 30, 2010 and that they are closed by July 1, 2010.