New legislation extends and expands first-time homebuyer tax credit

Posted: November 9, 2009

By: Stefanie

Great news for those of you thinking of buying a house! Last week President Obama and Congress passed new legislation extending the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010. The credit is also expanded to grant a $6,500 credit to current home owners purchasing a new or existing home now through April 30, 2010.

NAR (National Association of Realtors) economists estimate that the current tax credit has contributed approximately $22 billion to the general economy, and approximately 2 million people will take advantage of the tax credit this year. Take a look at this chart to read more about the breakdown of benefits.

This is a really great opportunity and such a positive piece of news, we wanted to make sure you knew about it. If you're financially in a place where you can buy, you now have an additional six months to house hunt and potentially qualify! Buying within these next six months will not only allow you to start building equity, it will also help you keep up to $8000 in your pocket.

If the housing market in Boston is a little pricier than you can afford, expand your search into neighborhoods such as Somerville or Cambridge and make sure you've really looked within Boston before discounting it for its prices. Charlestown, Southie and Fenway are only a few of Boston's hot spots and can be very affordable.

Contact us to learn more about your housing options in and around Boston!