The First Time Home Buyers Tax Credit has helped the worst real market since the Great Depression begin to recover.  The $8000 credit is set to expire on November 30, 2009, however many are pushing to extend the credit.   Over the last few days, multiple media sources have reported that senate negotiators have reached an agreement to extend the tax credit until April 30th, but it’s passage remains uncertain.

Would you like $8000 from the government for buying a home?

The agreement has been expanded to include certain move-up home buyers as well.  This new credit would be extended to all home buyers who have been in their residence for a five-year consecutive period up to $6500.  The tax credit extension would be extended to all buyers under contract by April 30, and closed by June 30, 2010.  It’s been proposed to increase income limits to $125,000 for singles and $250,000 for couples.  The credit would be phased out for buyers earning more than these amounts.

The real estate market has been weak nationwide, however the first time home buyer credit has been a boost to the market recovery.   The recovery has been slightly slowed down by the drop in new home sales in September that was reported last week.  Economists and real estate professionals believe an extension of the credit would help improve the market and the economy.

If you are ready to take advantage of this credit and looking to buy or sell real estate in the Winston Salem, NC area, please contact me, Tony Green, Realtor at (336) 462-9544.