Don Wixom, a Nampa, Idaho real estate agent, says that the program has been expanded to include existing home owners wanting to buy a home.
Online PR News – 26-November-2009 – – Nampa, Idaho - It may be old news that the $8,000 tax credit program was extended recently, but what many potential home buyers don't know is that in a move to further stimulate home sales, the program has been expanded to include a much broader spectrum of buyers.
Don Wixom, a top selling Canyon County Idaho real estate agent in Nampa, says that under the expanded government program, first-time home buyers still qualify for up to $8,000 tax credit on contracts that are signed prior to April 30, 2010 as long as the transaction closes by the end of June, 2010.
But Wixom says a critical new element of the program is that you don't have to be a first time buyer to meet the threshold for the credit. While some rules are changed for existing homeowners wanting to move to a new home, a credit may still be available for them.
According to the official program requirements, he says that existing homeowners who have lived in the same home for at least 5 out of the last 8 years may qualify for a $6,500 tax credit.
"Income limits are the same for both existing homeowners and first-time buyers. While a buyer who is single can make up to $125,000 annually, a married couple filing jointly can make no more than $225,000 to get the tax credit."
He says that this is a way to move potential buyers of Idaho homes into the marketplace by offering a little extra help for that first home or other purchase. But he adds that it pays to work with a Realtor® who understands the rules.
"Many people don’t realize what a tax credit means. It’s as good as cash! It’s not just a deduction. You may even receive cash back from Uncle Sam."
He makes it a high priority to understand and explain the details of the tax credit program to his clients because they are relying on his expertise to help make this financial decision. "I believe the process should be as easy and painless as possible. I remember what it's like to buy that first home, and it's a big commitment. It’s always important to consult your tax specialist.”
Will this new program stimulate the Boise area economy & Idaho home sales? Wixom thinks it will.
"Here in Nampa, we saw a lot of activity from first-time buyers purchasing Idaho homes as the first phase of the program expired. Deals are still plentiful," he says, "so I see no reason that the extended tax credit won't give another boost to the Canyon County real estate market."
Buyers interested in taking advantage of the tax credit can search Idaho MLS for properties at www.sellidaho.com and contact Don Wixom when they are ready to make a move.