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A big thank you goes out to each and every person who helped and supported the extension and expansion of the first time home buyer tax credit.  Our needs have been heard today and we can rejoice in what will prove to be a very important move forward for real estate. 

 First Senate unanimously voted 98 to 0 to extend the first time home buyer tax credit. Then it passed in the House today 403-12 and finally President Obama signed the bill on Friday. 

 Not only did the bill extend the first time home buyer tax credit it also adds a NEW $6500 tax credit for existing homeowners who have lived in their homes for at least 5 of the last 8 years.  The move- up market has been stagnant. Although the first time home buyer market was helped along with the initial first time home buyer tax credit it was not enough to move the “middle market.”  This is the jump start that will continue to repair our national real estate market.

 These home buyer tax credits will be available through June 30^th, 2010.  Buyers who qualify for either of these credits must be in a purchase and sale contract before April 30, 2010.   It addition, income qualification has been boosted to $125,000 for a single person and $250,000 for a couple.  The credit is available for homes purchased under $800,000.  This is ideal as it will break up the middle part of the market that is currently stalled.     

 The construction industry has taken heavy casualties by this economic downturn.  It plays an essential role in handling the area’s growth and related job markets. This bill will help sustain those jobless with up to 20 weeks in additional unemployment benefits and hopefully wait out these tough times.  You can thank people like Judy Conti of the National Employment Law Project who blasted Senate and said it was “SHAMEFUL” that the Senate procrastinated about the unemployment extension issue.  She said, “This bill would provide a lifeline for those who are desperate, who are unemployed for no fault of their own.”  In our great state of Washington, our unemployment rate is at 9.8%. I’d say the extension comes at the perfect time! 

The 24 billion dollar bill will also help struggling businesses that have had losses in 2008 and 2009.  They will now be able to seek refunds for taxes paid on profits over the past 5 years. 

 Barack Obama was swift to get his signature on paper Friday, November 6th.   Let’s say today is a very good day in real estate! 

See a FAQ’s Sheet Here: Home Buyer tax Credit Extention Facts