Wow, the pressure was on and everyone was working to capacity scheduling closings so first time home buyers could take advantage of the 10% ( $8000 max) tax credit. It appears that the pressure may be temporarily lifted as the Senate considers extending the tax credit for first-time home buyers AND offer a reduced credit to some current home owners looking to either upgrade or downsize.
The tax credit was set to expire at the end of November. Honestly, with Thanksgiving Holiday on November 26th, we were hoping to schedule all that we could before the 25th. While the details have not yet been revealed, it looks like repeat buyers will be able to apply for up to $ 6,500 in tax credits providing they have owned their current homes for at least five years.
April is now the new November. Just in time for the late Spring Market!