Last night Senators in Washington agreed to extend the popular $8,000 First Time Home Buyer Tax credit until April 30th of 2010. In addition to extending the Tax credit it will also be opened up to existing home owners at a reduced credit of $6,500 as long as they have owned there home for at least 5 years.
The tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, according to a summary of the legislation being circulated among lawmakers.
Industry representatives said uncertainty about the tax credit is hurting new home sales. September’s decline was the first since March. It takes 45 days to 60 days to close on a house, making it unlikely a sale made today would be consummated by the end of November, said Lucien Salvant, spokesman for the National Association of Realtors.
“Buyers right now have an incentive to hold off, not knowing whether the credit will be extended,” Salvant said.
About 1.4 million first-time homebuyers have qualified for the credit through August. The National Association of Realtors estimates that 350,000 of them would not have purchased their homes without the credit.
This is great news for anyone that has been waiting on the fence to buy a new Boston Loft. With the extension and addition to the law pushed all the way till the end of April you will have plenty of time to get out and find your perfect Boston Loft for Sale!
If you have any questions or comments feel free to email any of the staff at Lofts.com or leave a comment below and we will respond to it as quickly as possible.
