YEAH!  The first time home buyer tax credit has been extended to April 30, 2010.  

In addition, the tax credit is now offered to EXISTING home buyers who have owned a home for five consecutive years out of the last eight.  These home buyers can earn a tax credit up to $6,500. 

This is great news to the Sellers who are in the medium to upper-end home price range.  This tax incentive combined with the low interest rates should give us some positive activity on homes priced below $800,000.  The cap for this incentive is only offered on homes purchased at a price less than $800,000.

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That’s right!  The senate voted in favor of the Tax Credit by 98-0 yesterday.  We are optimistic it will pass with flying colors through the house majority and it could be in front of the President as soon as Friday.

I am excited to learn that if this is passed, it will be offered to existing home owners (some restriction apply), up to $6,500, this time around.  The results of the first-time home buyer credit this past year was incredible.  It’s time to see some of our medium to higher-end home buyers take advantage of the great incentive!