As you may have already heard, the homebuyer tax credit from 2009 has been extended and expanded!  Under the “Worker, Homeownership, and Business Assistance Act of 2009,” qualifying first-time homebuyers who are under contract to close on a home by April 30, 2010 will still be able to receive a credit on their federal income tax of up to $8000. In addition, homebuyers who already own a home, providing they have owned it at least 5 years, may also qualify for a credit of up to $6500 (note: further details on eligibility are available at http://irs.gov/ or from your tax advisor).

This is great news!  Given the short time left to benefit, houses in most neighborhoods will be in higher than usual demand, as buyers rush to get under contract before the deadline.

If you would like to sell your home, this is a fantastic time to do it!

This latest tax benefit expands the eligibility standards, too! Buyers who file separately may now be eligible for the full amount of the credit, even if their Main Gross Adjusted Income levels are as high as S125,000/year filing separately, or $225,000/year if filing jointly!

Call the agent of your choice for an expert opinion on what your house would bring at sale.  April is only 2 months away, so there’s no time to waste!

Note: if you are already working with an agent, this is not intended as a solicitation.  Consult the appropriate financial, tax, insurance, or legal professional before making decisions.