Karen’s Opinion

This is a Sponsored Post written by me on behalf of Coldwell Banker. All opinions are 100% mine.

Many first time home buyers rushed to see if they were eligible to apply for loans to purchase homes when the law allowing a large tax credit was applied to home purchases after April 8, 2008, and before Jan. 1, 2009. The time allotted for these home purchases has been increased and the new deadline is June 30. Specifically, first time home buyers must sign a binding contract by April 30, 2010 that closes by June 30. If you are a first time buyer, or have not owned a home in 3 years you can get up to an $8000 tax credit. The income limits have also been increased up to $125,000 for singles and $250,000 for couples.

I have been so excited for new home buyers! I must have missed the notice that stated that repeat home buyers can receive a tax credit of up to $6,500 too. Qualified home buyers who purchase a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010) are eligible for this credit. It seems to me that this would really get the ball rolling to help people move up to homes that is more suited to their needs.

There are stipulations to being eligible for these credits. For more information, check out the overview of 2010 Homebuyer Tax Credits at the Coldwell Banker Real Estate Learn Center Website. www.coldwellbanker.com.
These tax credits benefit us all here in the US. All home buyers benefit from other current market conditions such as lower home prices, an abundance of homes to choose from and interest rates that are near historic lows. Buying homes increases spending for other types of merchandise. Appliances, floor covering, paint and other important items are sold to new home buyers. It sounds like a good plan!