The $8000 first-time home buyer tax credit was scheduled to expire in just a few short weeks…Nov 30, 2009. I say ‘was’, because the Senate voted unanimously to extend the credit on Monday and the House of Representatives approved the extension yesterday afternoon by a vote of 403-12. The extension includes an expanded tax credit to repeat home buyers. The bill now goes to the President for his signature which is expected to happen today.
Home Buyer Tax Credit Expansion and Extension
- The $8,000 tax credit will be extended and available for first-time home buyers through May 1, 2010.
- A new $6,500 tax credit will be available for repeat buyers who purchase between December 1, 2009, and May 1, 2010. To qualify, buyers must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.
- Prospective buyers with binding contracts in place as of April 30, 2010, will be allowed an additional 60 days to complete the transaction.
- Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.
- Limitation on the cost of a purchased home is $800,000.
If you know anyone looking to buy their first South Central Vermont home at a time when prices and interest rates are still down, or if you are thinking of buying another home and getting the new $6,500 credit please contact me today.
The ‘American Recovery and Reinvestment Act of 2009‘ which became law on February 17, promotes energy independence and green jobs through tax credits and government grants. This is part of an effort to make Ludlow VT homes and buildings more energy efficient.
Energy saving provisions include:
- $6 billion to state and local governments for energy efficiency and conservation grants for energy audits, retrofits and financial incentives.
- 30% tax credit (increased from 10%) to homeowners for new furnaces, windows and insulation.
- $5 billion to modernize the nation’s electricity grid and install smart meters on homes, saving homeowners money.
- $5 billion for weatherization assistance for low income households.
- $2 billion for federally assisted housing (section 8) efficiency efforts.
This bill is good news for Ludlow VT homeowners wanting to make their homes more energy efficient. Interested in buying a Ludlow VT home? Visit ISellVermontRealEstate.com.
Ludlow VT Home Buyers Going Green
Today’s Ludlow VT home buyers are looking for green features in the homes they buy. The green trend is a means of lowering costs, becoming more environmentally friendly, and adopting a healthier lifestyle.
The average green buyer will shell out an average of$12,400 for green features, according to the National Association of REALTORS. National Association of Home Builders green-building standards program manager Kevin Morrow expects the market share of green-certified homes to rise to 20 percent in 2010 from about 10 percent in 2009 and 2 percent in 2006.
Green features Ludlow VT home buyers are looking for include energy efficiency, water efficiency, resource efficiency, and indoor air quality and include such elements as Energy Star appliances, low-flow shower heads, carpets and paint with low volatile organic compounds, and building materials procured from local suppliers.
Today’s Ludlow VT home buyers benefit from tax credits and other financial incentives.
Learn more about buying green by visiting ISellVermontRealEstate.com or give us a call anytime.