As 2010 gets underway there is something very exiting for potential Downtown San Diego Home Buyers and real estate professionals to look forward to and take advantage of.
The expanded home buyer tax credit is going to really increase
opportunity for an infinite amount of people and may just be the spark that the
American housing market needs to get back into good shape.
The credit was created back in 2008 but has become much more than the $7,500 tax credit that needed to be repaid. Now the tax credit is valued at $8,000 and does not need to be repaid at all in 2010 and will be available for first time home buyers, while current homeowners are eligible for a tax credit of $6,500.
Read Also: Existing-Home Sales Increase for First-Time Downtown San Diego Home Buyers
First time home purchasers that buy a home between November 7th 2009 and April 30th 2010 are eligible for this credit and it is a definite bonus that needs to be looked into.
Current homeowners that purchase a home in the same period are eligible for the $6,500 tax credit as long as the home they lived in before was owned by them for the last five years.
One very important point for the changes is that a Downtown San Diego Home Owner's current home does not necessarily have to be sold to qualify for the tax credit. However, the home buyers must reside in their new home for at least three straight years in order to hold onto the tax credit.
It may be a bit confusing, but it is definitely great news for the struggling housing market and potential new Downtown San Diego Home Owners.
For further information on any Downtown San Diego Condos contact:
Gregg Neuman
1-800-221-2210
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