Many people in the real estate industry and first-time homebuyers are probably excited to hear that the homebuyer tax credit 2010 is being extended and expanded.
People who bought their first home this year have been getting tax credits up to $8,000 which was part of the economic stimulus plan that was put into effect this year. This type of tax relief was set to end at the end of November, but now is being extended and expanded to encompass those home owners who have had their homes for at least five years. The homebuyer tax credit 2010 makes these home owners eligible to receive a tax credit of $6,500 (score!).
This will be great relief to many folks across the nation who have been laid off or are just not doing as well financially as they once were because the nation’s economy has been in such dire straits.
One has to wonder though what the long term effects on the United States economy will be. Is the government subsidizing home ownership for people who can’t afford it? Or is this just a free $6,500-8,000 gift from uncle sam meant to stimulate the real estate industry? Either way, if you’ve been waiting to buy your 1st home, now might be a good time to contact your local realtor.
Watch the homebuyer tax credit 2010 video below: