If you are like thousands of homeowners you may be wondering does the extended tax credit apply to me? I was able to look at a simple and easy to understand video on the subject and it really helped to clarify if I was eligible. Unfortunately since we just moved just over three years ago we do not qualify but there are thousands of home owners or first time home buyers who can take advantage of this tax credit while enjoying some of the best mortgage rates in over 40 years. The Real Estate Tax Benefit has two components that allow first time home buyers or those looking to upgrade their homes a chance to receive anywhere between $6500 to $8000 in tax credits. The key is that you must have a written contract in place by April 30, 2010 and closed on your home by June 30, 2010.
This video from Coldwell Banker gives you information to help you decide:
This economic stimulus can help the overall economy because it will get people to move sooner on buying a home and with that you have the added benefits of other industries realizing additional revenue. It is estimated that for most every home sold the local economy realizes an additional $60K in benefit. If you think about all the added items that you purchase such as landscaping materials, furniture, blinds, and even new electronics to put into your new home the added value of buying and selling a new home is great for the overall economy. So while this offer is coming to a close do not hesitate to talk to your real estate professional about how you can take advantage of this great government tax benefit.
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