Now Official – President Obama has signed tax credit into law. 10 a.m.

We are very close to getting final approval for extension of the tax credit.  The bill has passed both the Senate and the House of Representatives, and the President’s signature is expected today. 

The legislation includes the following components (here’s a link to a chart with more particulars of the tax credit):

• The $8,000 tax credit will be extended and available for first-time purchases before May 1, 2010. Prospective purchasers with binding contracts in place as of April 30, 2010, will be allowed an additional 60 days to complete the transaction. Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.  
• A new $6,500 tax credit will be available for repeat buyers who purchase between December 1, 2009, and May 1, 2010. To qualify for this provision, buyers must have lived in their homes consecutively for 5 of the previous 8 years.

There are many that don’t accept the “Buy Now” propaganda.  However, prices are low, interest rates are historically low, there’s lots of inventory to choose from, and with the additional tax credit, how can one say now is not a good time to buy?  Very rarely in my 34 years, and I’ve written about this before, have I seen where everything falls into place perfectly.  Now is a time where it’s close to being perfect – low prices, low rates, lots of inventory, tax credits, etc.

If you have a job, have savings, have a down payment, what is stopping you from buying a home?  As indicated in previous posts, I’ve always owned and I don’t believe in paying off someone else’s mortgage by renting.  I believe it’s far better to build your own equity than someone else’s. Granted there are reasons and times you should rent instead of buy, however, for the most part, I believe in buying a home of your own (I know you’re thinking, but I’m the Realtor®).

Now is the time to get pre-approved for a loan if you are planning on utilizing the tax credit.  Time passed quickly during the first tax credit time period and you don’t want to waste precious time this go-around — get pre-approved now.

Let me help, I’d love to be your Realtor®!

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