Thanks for stopping by - This is a work in progress, so please feel free to jump in with me - any comments, feedback, or participation in the conversation is encouraged! You might want to want to sign up for email updates on the right, or subscribe to my RSS feed. Thanks for visiting!
Glad to have you back - have you considered signing up for email updates on the right, or subscribing to my RSS feed? Thanks for visiting!
Obama has just signed the tax credit expansion/extension into law. It affects first time buyers, and now some move-up buyers as well.
Last week while this was still making its way through Congress, I asked readers to comment on how such a change might affect them. I received a good number of responses. Here are some highlights:
- 68% of responses were generally positive in response to the credit
- 37% indicated specifically that this credit would have positive implications for our general economic health
- 16% indicated that this specifically urges them along in plans that were loosely taking shape as-is
- 0% of responses contained comments that this would dramatically change their plans
- 26% of the responses had comments suggesting the size of the credit cause the credit to be ineffective
- 11% of the responses had comments suggesting that the credit was reaching too far up the socioeconomic ladder; either the Move-Up Buyer was being wrongfully rewarded, or that the income limits were too high
- 16% indicated specifically that this credit would have negative implications for our general economic health
And as a side note:
- 37% of responses had something sarcastic to say
Thanks to all who took the time to read, and especially to respond.
Some key points of interest with the new revision:
- Income thresholds are raised
- Move-Up buyers can claim a tax credit of up to $6500
- Dates have been extended into mid-year 2010
If you’re buying a home next spring, here are some key qualifying dates to remember.
- April 30, 2010 : You must be under contract for your new home
- June 30, 2010 : You must be closed on your new home
And if you are now trying to figure out how this credit might now apply to your specific situation, the IRS has a basic info page, and also a scenario page that has just about every possible angle.
Keep me posted – I’m really interested to see if this has an impact on our markets. If you’re interested in reading my view, I explored it right here.