The housing market has needed a little help to get the prospective buyers at the buying table and the government answered that with a real estate stimulus package. If you are a first time home buyer or have not owned your home for the past three years you may qualify for a $8,000 tax credit. This will help to stimulate the housing market with those that have been thinking about purchasing a home but were not sure of the best time. Then there is another part to the package to include another large purchasing group. This group are the potential home buyers that have been thinking of moving from their old home to a new home but were waiting on the right time as well. If you have lived in your home for the past 8 years consecutively then you may qualify for a $6,500 tax credit on your new home. These are two large groups of potential buyers that the government is hoping will make the move to buy the homes they were already thinking about. Once these potential buyers are buying there is hope that others will follow and the housing market take off in an upswing. There is a deadline for this stimulus program in April. You have to have a written contract on your new home by the deadline to take advantage of the tax credits.

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This entry was posted on Thursday, March 25th, 2010 at 8:16 pm and is filed under Finance, Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.