Julie Johnson

Better Homes & Gardens Real Estate | David Winans & Associates

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Pending Sales for Homes Remains Higher Than Last Year

January 8th, 2010 · No Comments · Market Updates

Great news for existing homeowners who are selling their homes. Not only are home sales higher than last year, but the newly expanded tax credit will allow existing homeowners to also get a tax credit when they purchase their new primary residence. They must have lived in their previous home for 5 years and the new home must be their primary residence. Existing homeowners can qualify for up to a $6500 tax credit! New home buyers can still qualify for up to $8,000.

Pending home sales were more than 15% higher for November 2009 than in 2008. According to Lawrence Yun, National Association of Realtors chief economist, “The fact that pending home sales are comfortably above year-ago levels shows the market has gained sufficient momentum on its own. We expect another surge in the spring as more home buyers take advantage of affordable housing conditions before the tax credit expires.”

You must have your contract written before April 30, 2010 and it must close before July 1, 2010 in order to take advantage of the non-repayable credit.

Tags: homes·homes sales·pending home sales·Real Estate·Tax credit

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