First Time Homebuyers Credit – The Sequel

And when’s the last time you saw a sequel better than the original?  Well, if the New York Time’s has its facts straight, many more homebuyers’ may be enjoying this second iteration of the Homebuyers’ Tax Credit.

There was a tentative deal a couple days ago, as reported by Jolenta Averill, a prominent Madison, WI real estate agent has been doing a wonderful job keeping tabs on the latests news and notes with the proposed tax credit.  You can read many of the proposed details in her tax credit update post from Saturday.

Some of the newest proposed conditions can also  be found at this >> Real Estate News network if you’re interested in the details.  But before you leave me (or if you’re tired of reading!), three of the most notable changes to the Tax Credit would include:

  1. Extended to April 30, 2010 (slated to end in a few weeks)
  2. No longer limited to only first time buyers and
  3. Applies to people with higher income limits.
Edgemoor, Bethesda Home
Beautiful home on a tree lined in Bethesda's Edgemoor subdivision

Better For Bethesda Real Estate & Beyond?

As many have argued, the “First Time” buyer home credit needed to be more inclusive, both in regards to income and prior home ownership status.  $8,000 on an $825,000 Bethesda property wasn’t going as far as an equivalent in most other cities.  With fewer new Greater Bethesda property listings coming on the market (seasonal), this “Homebuyer Tax Credit 2.0” may be a catalyst to help  lower the current absorption rate.  There are other variables that will weigh heavily into a potential home purchase, of course — but “Credit 2.0″certainly wouldn’t hurt.