Home Buyer Tax Credit Extension
|  Video
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| Marie Arceo |
| 11/26/2009 |
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| One of the biggest purchases a person can make is a new home. This year, first-time home owners were able to take advantage of the First-Time Home Buyer Tax Credit, which gave them a portion of their money back. Now, thanks to an extension of that tax credit, even more people are able to get some money back. It originally gave only first-time home buyers a tax credit of up to 10-percent, up to $8,000, provided they purchased a home before December 1. But thanks to a push by the National Association of Realtors, qualifications for a tax credit have been changed. "So they`ve given us a little bit extra time for some buyers to take advantage of that, but they also expanded the tax credit to include existing home buyers," says Nancy Deichert, of the Bismarck-Mandan Board of Realtors. Existing buyers, can also get up to 10 percent of the home`s purchase price up to a maximum of $6,500, provided they owned and resided in the same home for at least five consecutive years of the last eight years. To get $6,500 back, a written binding contract to purchase must be signed by April 30. The purchaser will have until July 1 to close. "With this tax credit, it should be a nice incentive to get some of those homes moving in some of those upper price brackets, which will have again, a really good ripple effect on the economy and the rest of the real estate market," says Deichert. A ripple effect that the Bismarck-Mandan Board of Realtors says will help not only with home sales, but with other industries like new construction and renovation. "With new construction, that helps feed a lot of other markets in terms of all the supplies that go into that," says Deichert. "In existing home sales as well, people are also then wanting to spend money and do something to their new home." It`s one way of attracting a larger pool of buyers in a housing market crunch. For more on how you can qualify for the tax credit, visit www.federalhousingtaxcredit.com. |
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