Friday, November 6, 2009

A Great Sign for Trade-Up Buyers - The New Extension of the Real Estate Tax Credit

In a great sign for the real estate market (not to mention the unemployed), President O'Bama signed today an extension of the Tax Credit for 1st Time Homebuyers to April 30th and the bill also includes up to $6500 for homebuyers who've owned a home for at least 5 years. Moreover, the income limits doubled from the previous version.

This should further prop up the housing market, given that foreclosures are still aplenty and short sales are also still increasing during a seasonal time when home sales traditionally fall off. The best news for many is that it may open up the ability for those trade-up buyers with homes to actually sell and participate in the rally/opportunity! See the link below for a clip from NBC News on the story, as well as a link from the National Association of Realtors on the details!

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