TAX CREDIT UPDATE

The President of the National Association of

Realtors recently updated us on the status of the $8,000 first time homebuyers tax credit.  Not only is the association looking to extend this credit to homebuyers, but they are seeking an increase to $15,000 and extending it into 2010.  We do not know the details, but I will keep you posted when I hear any other news to confirm or deny.

Remember, as it stands now, the credit will expire on December 1, 2009.  That means you must have a contract dated by no later than November 30, 2009 to qualify.  I am once again reminding you that you qualify as a first time home buyer if you HAVE NOT owned a home in the last three years and you will not have to pay this money back…..as long as you stay in the home a minimum of 3 years.