First-time Buyer Tax Credit-Maximum $8,000!
February 17th, 2009 categories: Real Estate news
Everybody has been waiting to find the latest news about the first-time buyer tax credit, which finally came through today with the approval of a maximum credit of $8,000.
The main distinction with the new bill is that first-time buyers will have until Dec. 1, 2009 to take advantage of the tax credit, and not have to rush to get into something right away, as the old bill had a termination date of July 1, 2009.
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Hi Cindy: Great information. What is the definition of a "first-time buyer"? I owned a house alone between 1994 and 1996. In 1997 I jointly owned a house with my ex, until she signed it over to me and I sold it in 2005. Am I totally out of luck?
ReplyDeleteAlso, I was wondering if you could address the "small home" movement. Is the move to smaller homes something that the real estate profession will embrace?
Finally - have you thought about pushing something that I call "reverse zoning"? Small businesses really helped revive many old residential neighborhoods, by buying run-down houses and converting them into business use. But wouldn't it be nice if those neighborhoods close to downtown could be converted back into residential communities? Isn't the trend away from long commutes and suburbia, and back toward more walkability and revitalized Main Streets?