 Tax Credit in Hands of U.S. House of Representatives The bill to extend and expand the home buyer tax credit passed the U.S. Senate 98-0 today -- as part of a measure to extend unemployment benefits. The $8000 tax credit for first-time home buyers would be extended for several months and a new credit of up to $6500 would be offered to allows people who have lived in a home for at least five years -- if they buy a new home. The Senate bill now moves to the house, and if the National Association of Realtors® hope is realized, may be signed into law by the end of the week.
I attended the NAU/Chase Bank Economic Conference this morning -- a bleak picture for Arizona housing through 2012, according to economists who spoke there. And, not much brighter thereafter, especially if the Arizona state government doesn’t get its act together and organize a budget soon.
There was a bright spot in the Flagstaff home sales market for one of my clients today as we closed on the sale of their Flagstaff home. Congratulations to the buyers, who closed on the sale of their first home last week and are taking advantage of market conditions to improve their financial as well as their living conditions by “moving-up” while the real estate market is down. If the tax credit bill becomes law, that will be one more reason to make the smart move by stepping-up to a new home in this market.
To buy or sell any Flagstaff home, contact me: Ann Heitland at RE/MAX Peak Properties.
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