Downsizing, Market Update

New Bill to Extend/Expand Tax Credit

Here’s what we have all been waiting for, and extension of the the current first time buyer $8000 tax credit expires December of this year.

A new bill, known as Home Ownership Moves the Economy (HOME) Act of 2009 is under consideratin by the House Ways and Means comittee.  It would:

1. extend the tax credit to anyone who buys a principal residence, not only first-time buyers as is the case now.

2. extend the credit through 2010

3. repeal the income limitation.

This is obviously great news for move-up and downsizing buyers, and will stimulate sales in the higher price ranges that have been relatively quiet, and let more Americans move on with their plans.  If this is passed in a timely manner, it will take the current momentum from the first time buyer tax credit and propel the market into full-bore activity!