The Home Buyers Tax Credit is not just for buyers who have never owned a home before. ANYONE who owns a home now could be qualified. This is EXTREMELY good news for the many retirees who are moving to Delaware, yet some of my clients are confused or unaware of the current home buyer’s tax credit. They think that it is STILL just for people who haven’t owned a home in the last 3 years. This is just not true!
The latest version of the tax rebate program provides for up to a $6,500 tax credit for REPEAT buyers – meaning anyone who has owned a home and lived in it for 5 of the last 8 years and is selling that home and buying another home (with a contact in place by April 30th of this year) will benefit!
So if you own a home and are thinking about moving up or downsizing or just moving someplace else – now’s the time! Inventory is still plentiful, interest rates are still low (but may be going up soon – my next post will cover this!) and you get an extra $6500 savings to spend however you want!
Here’s a link to the National Association of Realtors article that explains the Homebuyers Tax Credit in detail.
