Extending the First Time Home Buyer Tax Credit would continue to boost Noblesville Real Estate sales! This Noblesville Realtor heard news tonight that Senators agreed Wednesday to extend the $8,000 First Time Home Buyer Tax Credit. Set to expire at the end of November, the Senators agreed to extend the popular credit for contracts signed by 4/30/10 and closed by 6/30/10. Additionally, the action also included offering a tax credit of $6,500 for Repeat Buyers who have owned their current homes for at least five years. (See the AP article posted on MSNBC and the article on USAToday website for additional details.)
What’s great about the expanded tax credit program is the added incentive for “move up” or “downsizing” buyers. Seems to make a lot of sense to provide a worthwhile incentive for Sellers (ie, Repeat Buyers) to help offset the cost of selling their homes in de-valued markets. By providing this expanded tax credit, these Sellers must BUY in order to receive the credit resulting in more inventory for the First Time Home Buyer!
Also, these Repeat Buyers are more likely to have the assets to buy Distressed Properties such as short sale or foreclosures that require repairs to bring them back to current market values. First time home buyers generally have to work hard just to get their downpayment and then don’t have the funds readily available to repair/rehab a bankowned home that has to be purchased “as is”.
It should be noted that this Noblesville Realtor also read that this still has to pass the full Senate and House so stay tuned for updates and more details!
If you’re a Buyer there is no better time than now to invest in real estate. If you’re a Seller, there is no better time to SELL and RE-INVEST in real estate! So for those Buyers out there, 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%