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Homebuyer Tax Credit Extension
By Stephen Roberts | June 15, 2010
The first time homebuyer tax credit has helped out the real estate market for the first two quarters of this year. The $8,000 incentive has pushed many first time homebuyers to make a move and achieve the American dream to own their first home. With home prices as low as they have been in years and the tax incentive many homes have been purchased and the large inventory of foreclosures has reduced.
The deadline for this tax credit is set at June 30, 2010. Senator Harry Reid proposed a bill last Thursday that would extend the deadline to September 30 if passed. The reason for this extension would be for the many homes that are currently under contract in a short sale situation. Short sales, which currently account for more than 30 percent of home sales in Las Vegas, require approval from a lender and go through a process that can take up to six months. The extension would allow for many of the homes that are currently in the process of short sale to be eligible for the homebuyer tax credit. The tax credit not only gives a tax incentive to first time homebuyers but also gives a $6,500 credit towards move-up buyers.
For all your Real Estate needs contact Steve Roberts at 702-739-4392 or visit my website at www.hendersonrealestateonline.com!
Topics: First time homebuyer tax credit, Homebuyer tax credit, Las Vegas Nevada Real Estate, Southern Nevada Monthly Economic Update | No Comments »