EXTENDED AND EXPANDED... Updates on the New Home Buyer Tax Credit
Saturday, November 7, 2009 at 1:22PM 
On Friday, Nov. 6, 2009, the President of the United States extended and expanded the home buyer tax credit. THANK YOU, THANK YOU Mr. President and Congress!!
The extension is til July 1, 2010, with contracts dated by April 30, 2010, for first-time homebuyers to receive an $8,000- credit.
The expansion is the best part: Home owners who have lived in their homes for 5 consecutive years out of the last 8 years qualify for a $6,500 credit. Additionally, income limits have been raised. Great news! Income limits for singles went from $95,000 to $125,000 and income limits for married couples went from $150,000 to $225,000, with purchase price not to exceed $800,000.
To assist you in answering client questions, NAR (National Association of REALTORS) has made available a chart and a FAQ (Frequently Asked Questions) sheet on the Homebuyer Tax Credit. A NAR link can help you figure it all out. Do not miss this business opportunity. With its Right Tools Right Now, NAR has provided members with a free promotional letter (also available in Spanish). Additionally, IAR (Illinois Association of REALTORS) has free advocacy materials for your own personal promotion.
NAR economists estimate the current tax credit has contributed approximately $22 billion to the economy and approximately 2 million people will take advantage of it this year. It only makes sense to extend and, YES, expand the credit. This is encouraging news to not only our industry but to our economy. Housing IS an underpinning of the United States economy.
An additional thank you goes to.... REALTORS!
THANK YOU, THANK YOU to all the REALTORs who participated in more than 400,000 calls to action. That is POWERFUL! Due to your efforts we have the home buyer tax credit not only extended but expanded.
Ruyard Kipling wrote, "For the strength of the Pack is the Wolf, the strength of the Wolf is the Pack." In this case the pack is RPAC, the REALTOR Political Action Committee, where hard work to organize us into a huge Voice for Real Estate brought about the expansion.
We have been given much, and from those to whom much is given, much is expected. Get involved! Sign up at the REALTOR Action Center and donate. Yep, I'm asking for the order. Make a difference in your business!
Do you think the extended and expanded Homebuyer Tax Credit will make a difference in your business?
Let us know... BLOG ON!!
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Reader Comments (1)
Yes I definitely think it will, not just for first time buyers but also for people who want to move and buy another primary residence. We are fortunate that the extension will not only benefit the buyers and sellers but also all of the other businesses that benefit from a sale, Ex: Attorneys, loan officers, title companies, insurance companies, appraisers, home inspectors, Home Depot, Loews etc...1 buyer can make a difference in the micro economies of these small business that benefit when a buyer buys. The backbone of this great economy has always been Real Estate, the American dream is to own Real Estate, many people are achieving their goals despite the economy. We must encourage buyers to take advantage of these historic low prices, interest rates and tax incentives. Together we can all make a difference.