Home Buyer Tax Credit Update… with a new wrinkle "move up buyers"…

(details may change)

It appears that the we are close to hearing that the Home Buyer Tax Credit will be extended through April 2010. First time home buyers and “move up” buyers will be able to take advantage of the tax credit. The credit will be $8000 for first time buyers(see previous blog dated April 2, 2009 for definition of first time home buyer) and $6500 for “move up” buyers. Move up buyers are defined as Buyers who have lived in their principle residence for 5 years or more. Income limits for the first time home buyer and the move up buyer are $125,000 for single return and $225,000 for joint return. Buyer’s may also be able to take the tax credit from a 2010 purchase on their 2009 return.

The Philadelphia Housing market has continued to grow stronger in 2009. This growth has not only been fueled by low mortgage interest rates and strong inventory, but also Buyers taking advantage of the tax credit. The home buyer tax credit extension along with the addition of “move up” buyer tax credit will allow for continued growth and wonderful opportunity for buyers in the market place between December 1, 2009 and April 30,2010.

Posted by Paul Walsh