Sioux Falls Real Estate Blog

In a recent Issue Brief published by the National Association of Realtors Government Affairs Division, several new provisions to the Federal Homebuyer Tax Credit Extension and Expansion were clearly spelled out -- once more making it incredibly clear that now more than ever before... it's a smart time to buy a home!

One exciting new offer is the addition of a tax credit for people who are already homeowners. Current homeowners (defined as those who have lived in their primary residence 5 consecutive years of the previous 8 years) are now eligible to receive a $6,500 tax credit when they purchase a new home (or $3,250 if they are married filing separate).

Income limits to qualify have been increased....  and so has the time to qualify. As long as a written binding Purchase Contract is in effect by April 30, 2010, the purchaser will have until July 1, 2010 to close. We're finding that in today's lending environment most transactions are taking 45-60 days to close once a Purchase Agreement has been reached... so it's time to get out there and start looking at homes now! Interest rates (at least for now) also remain very attractive, and haven't yet started to go back up.

The First Time Homebuyer Tax Credit time limit was extended, as well. That Credit Amount remains the same, at $8,000!

Always verify all information with your professional tax adviser... then contact us to learn more and get started! We're here and eager to help in the Sioux Falls area.

Pam Kneip // HJN Team Real Estate // GregKneip.com // 605.728.9299

Sioux Falls, SD