As you have probably already heard, Congress has approved an extension of the first-time homebuyers credit. You now have until April 30, 2010 to enter into a binding contract to purchase a home. You must close on your new home by June 30, 2010. The new law even allows for long time home owners looking to purchase a new primary residence to benefit from the tax credit. You can see more from the IRS here. There is also a question and answer section here.
With the extension of the homebuyers credit, now is a great time to start looking for a new home. As we’ve discussed previously, this is definitely a buyer’s market. There are too many positives to not try and take advantage of lower home prices and Government incentives. Begin searching for your home right now! And, if you’re looking for an Real Estate agent, we’ve got many great options at Exit Realty. Good luck finding a new home and happy hunting!
As always, when dealing with contracts and tax information, its best to contact an attorney and/or accountant to make sure you understand all the information you receive.
