If you’re in the middle of buying Santa Cruz real estate, for which you’re hoping to get a Homebuyer Tax Credit of up to $8,000, you have more time to finalize it.
After a close brush with the deadline, Congress passed a 90-day extension of the Homebuyer Tax Credit closing deadline. The extension applies only to buyers who have written, binding contracts in place as of April 30, 2010. The new closing deadline is now September 30, 2010.
Extending the tax credit closing deadline will provide additional stability to Santa Cruz real estate and real estate markets nationwide. Additionally, the National Association of REALTORS® (NAR) estimates that this new extension will help about 180,000 to 200,000 homebuyers who already signed purchase agreements and were likely to miss the June 30 deadline.
Those are two of the reasons the NAR worked closely with Congressional leaders on both sides of the aisle to get this extension approved. Voter pressure on House members also helped to push this bill through.
Have questions about the Homebuyer Tax Credit or any other questions about Santa Cruz real estate?
Give me a call today at 831.662.6522 or email me at Lauren@LaurenSpencer.com. I’m happy to help.