Housing market appears to be taking a turn for the better. Most all reports show home sales are on the increase although the value of these homes are still estimated below the previous highs.

Nationally home sales are increasing and locally it appears to be following about the same rate. Homes priced below the $120,000 range are seeing the greatest increase while higher priced homes are still very sluggish.

Tax credits are still available for first time home buyers, up to $8,000.

The Worker, Homeowner-ship, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit now extends to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

While we are also involved in the real estate market we will be glad to assist with what information we have concerning first time home buyers.

One new incentive many may not be familiar with is a new tax credit program for the home owner wishing to sell their present house and buy another.

A new program has established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).

While this is called a “move-up” program, the price of the home does not have to increase over your present home. You must have lived in your present home for at least 5 of the past 8 years.

We will be glad to share what information we have about these programs, call us, David Davenport at 866-1107 or email us dd@lakecumbeland.com and we will forward you these federal guidelines to you.