The Gold Coast Standard and Darien Real Estate

Darien Homes for Sale, First Time Homebuyers Credit Expansion

On November 6, the President signed into law an expansion and an extension of home buyer tax credits. ”First Time” home buyers received an extension of the $8,000 tax credit until April 30, 2010 and had the qualifying income limits increased to $125,000 for singles and $225,000 for joint tax filers. This represents a  significant increase from the $75,000 and $150,000 (respectively) earning limits previously in force.This now allows those buyers who are interested in homes for sale in Darien,CT to enter the market. 

Unfortunately, the initial impact of the incentives may  be to dampen demand by “First Time” home buyers as they can take more time to close on a home. However, it is our belief that the expansion of the income limits will eventually bring more new buyers into the market during this period.

With little fanfare, the US Government also provided a new $6,500 Tax Credit incentive for “Repeat” home buyers.  This program is also designed to bring more buyers into the market. This could incent those looking to buy in Darien from surrounding towns and communities or trade up from condos.  The basic qualifications are as follows:

Income Limits: $125,000 (single); $225,000 (joint)
Primary Residence: The buyer must have lived in the prior residence for 5 consecutive years of the last 8-years.  The new residence must be the primary residence for at least three years prior to selling it again.
Home Price Limitation: The home purchased must be $800,000 or lower in price.
Deadline: The home purchase agreement must be in ESCROW before April 30, 2010 and close by June 30, 2010.

This entry was posted on Friday, November 20th, 2009 at 6:05 pm and is filed under Buyers, Market Trends. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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