Huntsville Real Estate Market Gets a Boost with Tax Credit Extension

Real estate aficionados who follow the upswings and dips in the Huntsville real estate market were worried that the end of the first-time home buyer�s credit would mean an end to housing sales. Sales were up, prices were down and the market seemed to be stabilizing � thanks, in large part, to the tax credit.� The tax credit motivated potential home buyers to become actual home buyers, which kept home sales stable. Fortunately, those worries were groundless.� President Obama signed a five-month extension on the first-time buyer tax credit November 6^th. The Worker, Homeownership and Business Assistance Act of 2009 covers quite a few new bits of housing legislation:

• Extends the first-time tax credit until April 30, 2010


• Expands to include those home buyers that haven�t owned a home in three or more years


• Allows first-time buyers that are overseas military personnel to take advantage of the credit until May 2011


• Requires documented proof that the buyer actually bought a home


• Changes the credit amount from $8,000 to �$8,000 or 10% of the home�s value�, whichever is less


• Sets the qualification guidelines at $125,000 a year or less for individuals and $225,000 or less for couples (credit amount becomes a scaled decrease above these income levels)


• Requires a minimum age of 18 for those applying for the tax credit


• Adds $6,500 tax credit for those that have lived in a home for at least five years, but want to buy a larger house

I think a lot of people want to own a home, and the extension of the tax credit can only help. As a result of the extension, buyers may take a little longer, peruse the Huntsville real estate market and make sure they�ll enjoy the home they buy. While I don�t see a long line of buyers standing in line, I do see the potential for long-term market stabilization. If you want to take advantage of the new tax credit extension, I can help. Call me today at 800-803-0053, 256-508-0211 or email me at mike@movetohuntsville.com for more information. Search all Huntsville real estate and homes for sale.