Two Homebuyer Credits in One Bill

2for1Well it’s all approved and just needs the President’s Signature, so I think we can pretty much call this Homebuyer Credit Bill a done deal.

I am not going to call it an extension of the $8,000 credit, for fear that too many will miss the added $6,500 credit for *move up buyers. Two credits in one bill.

We won’t have the IRS links until after the Bill is passed, of course, but I updated my post of last week to reflect all of the things I expect this bill to have. Very little change from what was expected.

On the $6,500 credit looks like close date is not an issue and contract needs to be on or after Nov. 7.

So there it is…a two for one special. $8,000 First Time Buyer per the definition in the current bill PLUS a $6,500 credit for move up buyers for home purchase up to $800,000*who have owned their current home and lived in it consecutively for 5 of the last 8 years.

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ARDELL is a Managing Broker with Better Properties METRO King County. ARDELL was named one of the Most Influential Real Estate Bloggers in the U.S. by Inman News and has 33+ years experience in Real Estate up and down both Coasts, representing both buyers and sellers of homes in Seattle and on The Eastside. email: cell: 206-910-1000

10 thoughts on “Two Homebuyer Credits in One Bill

  1. I think the $8000 tax credit extension is on the right track as far as fixing the housing market as well as the economy. Including the $6500 credit for move up buyers, it’s all good. Like many economists say, once the housing market is fixed then the rest of the economy will follow suit. Thanks for this article Ardell.

  2. Pingback: Top real estate posts of the day for 11/6/2009 : Hassle Free Phoenix Area Home Search

  3. Is it even possible for housing to truly recover with unemployment over 10 percent? I don’t think housing has ever done well in such conditions. This stimulus is not about making housing recover; this is about slowing the deflation of housing prices to the point where the rest of the economy is not taken out. At the heart of things, this is still a banking crisis. The housing recovery will be about higher volume with lower prices.

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