Evelyn Bruder’s Dream Team blog

As of Thursday of last week, legislation passed extending ‘first time home buyer tax credit’ to May of 2010, and adding a $6,500 tax credit to repeat home buyers if they’ve lived in their current home for five of the past eight years, with a cap on home prices at $800,000. Other stipulations have changed slightly, but here are the highlights below:

* Extended to May 1, 2010
* $8000 for first time buyers
* $6500 to repeat buyers with limitations on time of residence
* Home price capped at $800,000
* Income limits now $125k individuals and $225k joint filers
* Reduced credits for $145k individuals and $245k income joint filers
* Contracts in place by April 30 will get 60 days to close

When the first tax credit was put into effect, I think almost all agents saw a surge of activity from all different types of demographics, though it was mostly young professionals who had been on the fence about purchasing a home. The amount of traffic to our offices increased by a decent percentage, and since then activity has leveled out a comfortable pace. As a slight workaholic, I’m always prepared to be busier than I am, but I can definitely appreciate the better attitude towards real estate as opposed to this time last year.