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If you are trying to buy a home and have not been advised of the 2010 Home Buying Tax Credit then you may want to check with your real estate professional who is helping you with your search. The US Government has announced that the tax credit was extended until the end of February meaning that you need to have a contract in place and close by the end of June. This benefit is meant to help infuse the home buying sector with additional dollars and help those that are trying to sell their home. Basically the tax credit is targeted at new home buyers or those that have not owned a home in the last three years with a tax credit up to $8000.
Many builders and sellers are leveraging this tax credit in order to help them sell their current homes or inventory. It is estimated that for each medium priced home that is sold there is an additional $30-$40K added to the local economy.The housing market has a huge impact on the economy and as the Spring weather starts to roll around the housing market should start to realize an increase as people are looking to take advantage of historically low interest rates and additional bonuses and tax credits. I have read some reports that if the momentum continues to grow in the demand for homes then some builders will offer up their own “tax credit” savings to buyers in order to sell of inventory that has been sitting around for months.