On Friday November 6th, 2009 the U.S. House of Representatives passed legislation which extended and expanded the $8,000 first-time homebuyer tax credit, which was approved by the Senate earlier that week. A few days later this legislation which affected Ulster County Real Estate as well as Real Estate everywhere was signed into law by President Barack Obama.
The extended version of the First Time Homebuyer Tax Credit featured some important changes for Ulster County Real Estate. Probably most importantly, the Income Limits to qualify for the Tax Credit increased to $125,000 for individuals and $225,000 for couples, up from $75,000 for individuals and $150,000 for couples featured in the previous legislation. Additionally, a Tax Credit was added for repeat buyers. Taxpayers who’ve lived in one residence for five consecutive years of the past eight (not just in Ulster County) now qualified for a tax credit of as much as 10% of the purchase price, up to a maximum $6,500, of a new principal residence and the new home does not have to cost more than the old one. There was also a cap placed on the price of the homes that qualify for the Tax Credit of $800,000 (which doesn’t exclude a lot of Ulster County Real Estate) and some other modifications.
The Bad News First, it doesn’t look like the First Time Homebuyer Tax Credit will be extended again so you’ve only got until April 30, 2010 to be in a Binding Contract and you’ll have to close your deal before July 1st, 2010. There is Good News though and here it is; YOU’VE STILL GOT TIME! Not much time but if you ACT NOW there’s a chance. Everyone’s ready. The Local Banks and Credit Unions are ready and even attorneys who participate in Ulster County Real Estate are positioned to fire off formal contracts in an effort to beat the deadline. If you want to take advantage of this once in a lifetime opportunity do yourself a favor, pick a Real Estate Professional and find a home right away. I’m here to help with your Ulster County Real Estate needs so give me a ring today. GOOD LUCK!