First time home buyers AND move up buyers will be delighted!  Tax credit approved by house and senate!  Just waiting on Obama’s signature!

Nyssa Smith's happy first time homebuyerFirst time buyers are excited!  Especially first time home buyers that are now in the middle of purchasing a home!  Now they can have a little sigh of relief.  Once Obama signs, they will have until the end of April 2010 to purchase and they will have until July 1, 2010 to settle.  What a relief that they no longer have to feel pressured to get things closed by the end of November!  Once Obama signs, first time homebuyers will still have the option of the $8,000 tax credit.  This is great news!  I know I personally have some first time home buyers under contract right now.  And they were feeling the pressure because they wanted to be sure they closed by the end of November in order to not miss out on their piece of the pie!

Nyssa with homebuyersCurrent home owners can now get excited, too!  Why?  Along with the first time home buyer tax credit extension, a new provision will come into effect!  Move up buyers can now enjoy a $6,500 tax credit.  The catch?  You must have owned your home for at least five years.  This is huge!  It’s great that not only first time homebuyers can get a break, but now current home owners that might not have been thinking of selling their home and moving up into a larger more spacious home can now think of doing so with a little help from Uncle Sam!  Just waiting on President Obama to sign tomorrow!  Now I am just thinking of all the people I can tell!  What wonderful news!

For more information, click here.

Your State College, PA Real Estate Connection,

~Nyssa