First time home buyers credit $8000 extended by Senate and new $6500 credit..

If you are currently homeowners and owned your homes at least 5 years would be eligible for tax credits up to $6500. The credit is good for purchase your principal homes costing $800K or less and would be phased out if you made more than $125K or $225K for joint filers.

Senate voted on Wendesday to extend First-time homebuyers tax credits of and expand the tax credit to includebuyers who already own homes.

In my opinion, the home buyers credit extend to existing home owners defintely a good idea cause the $8000 credits actually helped a lot of my first time home buyers to pay for their closing cost and to digest most the starter homes and foreclosured homes inventories priced under $250K in our area. But we have a high inventories which are priced $315K or up and so I can see once the $6500 credit approved by the house and will have a positive impact and to reduce those range. But you will need to meet the time limit and income limit in order to get the $6500.

To qualify for the tax credit, you will need to sign a purchase agreement by April 30, 2010, and close by June 30, 2010. Anyway, it defintely a good news to a lot of existing home buyers and I can see a lot of my buyers will able to take advantage the $6500 tax credit and is defintely one step forward to stabilize the existing housing market! I can see the housing recovery is right at the corner....

Anyway, it is not final until it is passed by the House but will defintely keep you update and talk more how you can take advantage the $6500 credit if you want to trade up your current homes.

Hannah Chan Broker, GRI - Your Entrusted Real Estate Advisor in Traingle
Cary-Raleigh Realty, Inc.