That's right move-up buyers...get ready!!
We've all been wondering- when will move-up buyers get a tax credit like first time homebuyers. I mean- does it really take a genius to figure out that opening the tax credit to experienced homeowners would be incredibly beneficial to the real estate market... and thus the economy is return.
Well your time may be here!
Included in the latest proposal in Congress is the addition of a reduced($6500) credit for homeowners who have been in their home atleast 5 years.
This is probably bigger news than the actual proposed credit extension itself. This sets up existing homeowners to help them buy a move-up home.
Get your home search on!
So if you are a single homeowner making less than $125,000 p/year...or a married couple making less than $225,000...get searching. That new home could well be within your reach now. Buy before the end of 2009 and get your $6,500 in your 2009 tax return!!
Remember- this is still a proposal. THIS HAS NOT YET BEEN APPROVED. Keep checking back here for the latest information. As news is released- we will report it here!