Colorado Springs Realtor - Cherise's Blog: October 2009

Colorado Springs Realtor - Cherise Selley - Federal Tax Credit Extension

Presently, the US Senate negotiators might have reached a tentative agreement regarding an extension of the current tax credit for first-time home buyers.  The deal would extend the existing tax credit of $8,000 for first-time home buyers as Colorado Springs Realtors have witnessed this measure over the past year regarding the sales of Colorado Springs Real Estate

This particular program had a bolstering impact upon the Colorado Springs Real Estate market, especially relative to home sales under the $275,000 price range.  As a result, slightly inflated listing inventory has dropped under 5,000 property listings, as recently observed.

Pertinent to the details of the newly tentative deal includes the fact that the $8,000 tax credit for first-time home buyers would extend to contracts entered into by April 30, and thus closed by July 1, 2010.  It is expected that income limits on those who are buying real estate would be increased to $125,000 for single individuals and $250,000 for couples.  This proposal covers a broader price range than previously seen with the 2009 tax credit limits of $75,000 for singles and $150,000 for couples.

The Colorado Springs Realtor can expect some boost from some of the other provisions with this tentative deal of the tax credit extension.  The bill offers a new credit of up to $6,500 for some existing home owners.  I anticipate that this tax credit for the existing homeowners might bridge some of the gap seen with the negative equity factors for those who have listed their Colorado Springs Real Estate properties.

Senate lawmakers appear to be close about the substance of the extended tax credit, but they are still mulling over other parts of the bill that influence other financial issues of federal unemployment insurance benefits.

The prevailing viewpoint about the tax credit is not that it is the "single catalyst" for our national real estate recovery, but that it assists with softening the harshness of the unemployment figures, expected to reach 10.5% sometime next year.

Regardless, any wiggle room to sustain our economic uncertainties brings optimism throughout 2010...

Comment balloon 6 commentsCherise Selley • October 29 2009 12:56PM
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