Congress Passed Homebuyer Tax Credit Extension / Expansion

Buying a home can get bit cheaper for most of the homebuyers — $6,500 cheaper!! ( i.e. As long as you’ve owned a home for 5 years, you can get the $6500) Remeber: It’s a credit, not a deduction so you actually get $6500 that you can use for part of the down payment.

Congress and the President have extended and expanded the $8,000 tax credit for first-time buyers. You now have until April 30, 2010 to sign a contract and qualify., and starting November 7, 2009, many existing home owners also qualify. Download this informational flyer from The Virginia Association of REALTORS®

First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire in end of November, the Senate voted Wednesday(11/04/2009) to extend and expand the tax credit to include many buyers who already own homes. The House is scheduled to vote on the bill Thursday.

Here in Northern Virginia the home inventory is so low and few of my clients are loosing there chance due to high volume of multiple offers. The sellers are getting 5 to 15 thousand more then there asking price. I think its going to fuel the market with buyers and the tax credit will only be on paper, because the buyer will any way end up paying more.

Metro Area: Northern Vaginia

Principal Cities:
Alexandria, Annandale, Ashburn, Arlington, Ashburn, Bristow, Burke, Centreville, Chantilly, Clifton, Dale City, Dumfries, Fairfax City, Fairfax, Fairfax Station, Falls Church, Gainesville, Great Falls, Herndon, Leesburg, Lorton, Manassas, Manassas Park, McLean, Oakton, Reston, South Riding, Springfield, Sterling, Vienna, Tysons Corner, Woodbridge

Neighborhoods and Subdivisions Served:
Poplar Tree, Franlkin Farm, Hampton Forest, Greenbriar,Faircrest,Fair Chase, Little Rocky Run,Pender Brook,

Counties Served:
Alexandria City, Arlington County, Fairfax City, Fairfax County, Falls Church City, Loudoun County, Prince William County, Town of Vienna, Town of Herndon

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