According to the Associated Press, per their article of 8 pm October 28, 2009, the Senate agreed to extend the Homebuyer Tax Credit for people writing contracts through the end of April, 2010, and settling by the end of June, 2010.
They are also including a reduced credit of up to $6,500 for repeat buyers who have owned their current homes for at least five years.
There will be income limits and sales price limits, all of which will be spelled out when the legislation is officially circulated.
If this passes both the Senate and the House, it is great news for the Towson homebuyers who were hoping to benefit from this credit but were unable to find a home to close on by the current deadline of November 30, 2009. It also helps reduce the artificially inflated market they were competing in due to this looming deadline.
This would also be good news for the Towson home sellers below the agreed price limits because they now have time to get their houses truly ready to sell, get their houses staged, and price it right — without the rush!
I will keep you updated as it hopefully passes through the Senate and hopefully in the House as well before heading to our President’s desk for his signature!
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