First-time home buyers and current home owners are in luck! According to the National Association of Realtors, congress recently passed a piece of legislation that extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010. The original dates of this opportunity was supposed to be from April ‘08 through June ‘09, however Congress has made the decision to extend it as part of its plan to stimulate the U.S. housing market. In order for first-time home buyers to qualify for this opportunity, the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

As for current homeowners looking to purchase a new or existing home, the tax credit has been expanded up to $6,500 if you plan to purchase between November 7, 2009 and April 30, 2010. In order for current homeowners to qualify for this opportunity, you must have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

Here is the NAR article for easy reference– The Basics: Extended Home Buyer Tax Credit 2009/2010

Interested in buying or selling property in Palm Springs or the Coachella Valley area? Contact Patrick Stewart Properties today.