Todd Kolasch

Congress Actually Does Something to Help Real Estate



Posted: Sunday, November 08, 2009

by
Fairfax homes

How are you? I hope you've had a good week. I just wanted to get some key real estate information in your hands as it's truly good news and my guess is it's going to mean a very busy first half of 2010 for buyers and sellers.

As you may know, what prompted a lot of activity in the Northern Virginia real estate market this past year has been the tax credit of $8000 for first-time buyers or those that haven't owned a home within three years. Well, Congress just passed legislation lengthening that program through the first half of 2010. Those seeking to qualify MUST CLOSE by June 30 with the contract being written by April 30, 2010 .

MORE IMPORTANTLY, Congress has responded to those of us on political action committees in EXPANDING A CREDIT TO CURRENT HOMEOWNERS. For homeowners that have used the home sold or being sold as their primary residence consecutively for 5 of the pervious 8 years, there's a $6500 tax credit available to them. There are some income and home price limitations summarized here:

http://www.realtoractioncenter.com/realtor-party/documents/2009-NAR-Issue-Brief-Homebuyer-Tax-Credit-Changes-1104-1107.pdf

The income limitations: $125,000 for singles and $225,000 for married. There is also an $800,000 ceiling on the cost of purchased home.

There are many current homeowners that have been wanting to make a local move, whether they are buying Fairfax homes or Arlington , VA homes, but have waited for something that will help on the sale side of their transaction. This legislation, along with continued amazing rates, will convince many that now is a wonderful to move up, or move to that location they've desired for so long.

Isn't it nice when government does something helpful every now and then.

Please keep my name in mind should you learn of anyone that could benefit from my experience. I have helped many buy the home of their dreams in 2009 and will continue this track record in 2010.

This Article has been viewed 2 times. (Not updated in real-time.)
No comments yet.
We want your comments! If you can read this, you don't have javascript enabled, so you can't use this comment system. Please enable javascript.