Great news for home buyers and sellers in Delaware; the tax credit has been extended AND expanded! So what does this mean for you? Well here’s the low down:
People trying to hurry and close on a home before the previously established Nov. 30th, 2009 deadline can relax! The deadline now is twofold:
1. You must sign an Agreement of Sale (contract used to make an offer on a home for sale in Delaware) before May 1, 2010
2. You must close (keys in hand!) on the home before July 1, 2010
This doesn’t mean that you should drag your feet in searching for your home because as most agents know; a great deal will sell in any market, so don’t let that one you love get away! What it does mean is that you can make the whole procss a little less stressful if you found yourself feeling “hurried” to close by Nov. 30, 2009.
And what do I mean by “expanded” you ask? Well this is the new and exciting part! Any person looking to sell their home and purchase another can qualify for up to a $6500 tax credit. Here’s the skinny on that:
1. You had to have lived in your current home for at least five of the last eight years HOME SWEEET HOM
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2. The home you are purchasing must be worth $800,000 or less
3. The home you are purchasing must be your primary residence meaning it can’t be a second home or an investment property.
Another great aspect of the programs is that the income levels to qualify for the credits have increased also. Previous levels were $75,000 for an individual and $150,000 for couples. The new levels are$125,000 for individuals and $225,000 for couples! How cool is that?
So buying and selling a home in Delaware just got even better! Buyers you are set up to get more from buying a home than just the home. Sellers; there are bound to be more buyers looking to purchase YOUR home now due to these programs. Sweet!
Thank you for reading my New Castle County Delaware Real Estate Blog!
Posted by Michael A. Brown of Keller Williams Realty, Christiana.
302-798-2300
This is a great and informative post for Delaware home buyers. I am happy that this credit has been extended.