For folks interested in purchasing Lake Powell Homes using the $8,000 tax credit – tick tock – time is running out.
However House Bill 2801 was just introduced by Howard Coble (R-NC).
The new credit would continue where the current credit, set to expire on December 1st 2009, ends. The new bill also proposes an extension in the form of
1- Income limitations would be removed
2 – Buyers don’t need to qualify as “first time” buyers.
The current bill calls a first time buyer as someone who has not owned a home in 3 years.
It is difficult to say what the final draft of this bill called “” or Home Ownership Moves the Economy(HOME) Act of 2009 (catchy, eh?) will be.
When the home buyer credit we now have in place was announced last fall it was originally going to be $15,000 but came in at $8,000. We will have to wait and see what the final outcome of HOMES will be.
Stay tuned as we follow the progress of HB 2801 and the effect on the Lake Powell Real Estate Market.
Information you may find interesting on current Home Buyers Tax Credit