Congress is considering proposals to greatly expand the soon-to-expire $8,000 tax credit for first-time home buyers - potentially applying it to almost all home buyers. Supporters say doing so would further boost home sales, stabilize housing prices and generate jobs. The credit now can be claimed by anyone buying a home who has not owned one for three years and who closes the deal by Nov. 30.
Beyond extending that deadline, some lawmakers want to make the credit available to all homebuyers who meet income eligibility requirements. And some want to increase the amount of the credit from $8,000 to $15,000. Currently the first-time home buyer credit is available in full to those buying their primary residence who make $75,000 or less ($150,000 for joint filers). A partial credit is available to those making between $75,000 and $95,000 ($150,000 to $170,000 for joint filers).
By the end of November, the credit will have been used by 1.8 million home buyers, at least 355,000 of whom would not have bought a house without the tax break, according to estimates by the National Association of Realtors.
About The Authors: Betty Knowles is a full-time REALTOR® with Southwest Missouri Realty in Springfield, MO She also served as President of Women’s Council Of REALTORS® in Southwest Missouri. Betty’s genuine passion is helping people buy and sell homes in Springfield, Ozark, Nixa, and surrounding communities.
John Knowles is likewise a REALTOR® with Southwest Missouri Realty and a member of the Greater Springfield Board of REALTORS®. John is also a FAA part 107 certified drone pilot to get those amazing shots and videos of our properties!
Together this dynamic team makes up TeamKnowles REALTORS®, Spouses Selling Houses! They are dedicated to doing what it takes to sell your home in the greater Springfield real estate market, or help you purchase a home that fits your particular needs. Give TeamKnowles a call today; you’ll be glad you did!
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