In a major addition, the bill is expected to provide a $6500 credit to “move up buyers,” that is, people who currently own a home but purchase a new one by April IF they have owned their current home for at least five continuous years. This is great news, especially for our area where the inventory has continued to fall, leaving many first time buyers frustrated with the options available to them (as seen in this parody video about buying a bank owned home.) This type of credit might encourage sellers to get their homes on the market so they can take advantage of their own credit! Given that the credit expires relatively early in the spring market, we may be in for a very active winter.
House leaders have not yet endorsed any particular plan, so it’s important to note that details of this agreement may not make it in to a final law. Stay tuned. READ THE COMMENTS BELOW FOR UPDATES.