New limits will impact New Albany Home Buyer’s & Sellers
Congress overwhelmingly passed a bipartisan measure this week extending the $8,000 home buyer tax credit to April 30, 2010.Â More people are now eligible to take advantage of the law, which includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years.
Income limits for eligible home buyers were also expanded to $125,000 for single buyers and $225,000 for couples, up from $75,000 for individuals and $150,000 for couples. Qualifying home prices are capped at $800,000. For many New Albany Real Estate Buyers and Sellers, the new changes to the law will mean that many homes that were not previously eligible for tax credit now are.Â Additionally, the time constraints imposed may have Sellers reconsider market timing for marketing their property.
To find out how this new law impacts you specifically, contact Kate and Tony today.
Until next time,