Well after many weeks of debate and speculation the tax credit for homebuyers has been extended to April 30th, 2010. This means you need to be under contract by that time in order to take advantage of the program. This is basic stuff that has been part of every conversation about first time home buyers this year. The new part of the program that is getting everyone talking is the $6500 credit for trading up and buying a new property.

No one can put it better than the New York Times:

“If you’re an existing homeowner, you qualify for the new tax credit of up to $6,500 if you have lived in your current residence for five years or more out of the previous eight years and purchase a home or sign a sales contract for one from Nov. 7 to the end of April of next year.”

Pretty simple rules and many people fall into this group. This allows for a whole new group of buyers and sellers to enter the market. Many of you who live in a condo are looking to expand your space due to many of lifes changes. This tax credit program is a perfect way to make that happen. The time for speculation has ended and we’re not that far away from the deadline of April 30th. Get the ball moving now and see if this program can work for you. Please read the full New York Times article to gain further insight on the situation.

http://ow.ly/ASCZ

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