Tax Credit for Home Buyers to be Continued & Improved!

Because of the increase in home sales across the country, the First Time Home Buyers Tax Credit will probably be extended and a new one will be added! Real estate agents across the country have reported increases in sales to first time home buyers who wanted to take advantage of the tax credit and the low interest rates. In parts of the country that experienced hyper appreciation, homes are now affordable again for the first time homebuyers!

In addition to the First Time Home Buyer Tax Credit, the government is looking at adding on a tax credit for those homeowners who want to move up. The tax credit would be $6500 for those homeowners who have lived in their current home for 5 years or more. Income limits would apply.

In the Wake County area, the First Time Home Buyer Tax Credit has an affect on home sales. We had an increase in home sales during the summer in the price bracket below $200,000. In October, we had an increase of homes closed and the majority of those were also below $200,000.

Now imagine what the new program will do for homes sales! We will have an increase in home sales across all price points!

So, check back over the next couple of days for updates on the new tax credit program!