My New Blog

Existing home sales rose again in November as first-time home buyers rushed to close before

The November 3oth deadline. Although the deadline has been extended to April 30^th and has now vamped up to include home buyers wishing to purchase a new primary residence

qualifying them for a $6,500 tax credit……

http://www.realtor.org/press_room/news_releases/2009/12/another_respond

How Do I Qualify For The Newly Extended Home-Buying Tax Credit If I presently own my Primary Residence?

http://www.irs.gov/newsroom/article/0,,id=206293,00.html

Q:  I’m already a homeowner. If I buy a replacement home after Nov. 6, 2009, to use as my principal residence, do I have to sell my home to qualify for the homebuyer tax credit?

A:  If you meet all of the requirements for the credit, the law does not require you to sell or otherwise dispose of your current principal residence to qualify for a credit of up to $6,500 when you buy a replacement home to use as your principal residence. The requirements are that you must buy, or enter into a binding contract to buy, the replacement principal residence after Nov. 6, 2009, and on or before April 30, 2010, and close on the home by June 30, 2010. Additionally, you must have lived in the same principal residence for any five-consecutive-year period during the eight-year period that ended on the date the replacement home is purchased. For example, if you bought a home on Nov. 30, 2009, the eight-year period would run from Dec. 1, 2001, through Nov. 30, 2009. (11/17/09)

Check out this video:

http://video.foxbusiness.com/v/3965326/good-time-to-buy-a-home?playlist_id=87185