Keller Williams Realty - Loveland Colorado

If you think you might have missed out on the $8,000 tax credit think again. It’s back and better than ever. The original stimulus tax credit was set to expire on November 30, 2009. The house voted to extend it to spring and to include homeowners that already own a home. Buyers need to have owned there current home for at least 5 years and would be eligible for tax credits up to $6,500 (subject to income limits). First time homebuyers can still receive the $8,000 tax credit. To qualify you must sign a purchase agreement by May 1, 2010 and close before July 1, 2010. The credit will be extended an additional year to June 30, 2011 for those serving in the military outside the United States.

This stimulus tax credit has many benefits for those buyers looking to buy in this market where deals are found down every street. This is absolutely the best time to buy and the tax credit couldn’t have come at a better time. With buyers being able to purchase a home at unbelievable prices and to receive a credit from the government. Goldman Sachs believes that the tax credit will help boost home prices.

The credit can actually help the economy and will help put America back to work. When people buy homes they are likely to upgrade and update which helps those companies that offer services of windows, doors, flooring, appliances, painting etc. Not to mention those that do receive the tax credit how that will spur more activity into the economy. This tax credit is truly a win-win for everyone. With the past tax credit approximately 1.4 million first time homebuyers qualified through August. Realtors estimate that 350,000 would not have purchased without the tax credit. Q & A on the Tax Credit.

Lawrence Yun, Chief economist at the National Association of Realtors said, “Once the consumer fear factor disappears, then housing can move into a sustainable recovery,” Yun said. “ I think we will be there by the middle of next year.”

Our current economic circumstances made it critical that we extended this temporary tax credit so that homebuyers, new homebuyers, as well as existing homeowners would have the confidence to get off the sidelines and into the market now with prices and interest rates being at an all time low. A healthy real estate market is essential to pulling us out of this recession and growing our economy.”

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Posted By: Keller Williams Realty of Northern Colorado – Loveland Real Estate Agents, specializing in Loveland Real Estate and Northern Colorado Real Estate.
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