Cary Homeowners waiting for the right time to move up to a larger home, here is some very good news. 

The Senate voted Wednesday to renew the government’s $8,000 tax credit for first-time home buyers and to expand the tax credit program enabling many homeowners who buy a new primary residence to receive a $6,500 refund.

The bill, which passed 98 to 0 in the Senate, should reach the House floor by Thursday, November 5th.  Assuming the bill passes in the House, the legislation would then go to the White House for the president’s signature.

 

Here are the highlights of the Tax Credit Program:

  • Buyers who have owned their current homes at least five years        would be eligible for tax credits of up to $6,500.
  • First-time homebuyers or anyone who hasn’t owned a home in the last three years would still get up to $8,000.
  • To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.
  • The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible.
  • The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.

 

Cary currently has a great inventory of both new homes and resale homes.  To view the homes for sale and the Cary Neighborhoods, visit our website at CaryHomesNc.com.