The US Senate approved a measure to extend the Homebuyers Tax Credit this Wednesday, the House of Representatives is expected to follow suit immediately, coupled with quick signing of the legislation into law by President Obabma. Hallmarks of this important legislation include:
Background for Las Vegas Real Estate
The in place legislation for first time homebuyers is slated to expire at the end of this month – it’s certainly helped to drive home sales across the USA. The new legislation is broader and may have more of an impact, both first time homebuyers and existing homeowners will be able to take advantage of the expanded program through the end of next April.
This new legislation would continue to provide an $8,000. tax credit to first time homebuyers and would also provide a $6,500, tax break to qualified homeowners looking to move up to an upgraded home that costs no more than $800,000. Additionally, the legislation would increase the qualifying income levels to$125,000. for individual income tax filers and up to $225,000. for joint filers.
Las Vegas Real Estate Analysis
Like the vast majority of Realtors and consumers, we think this legislation is a good thing for Las Vegas Real Estate and the national real estate market. We believe with the significant price reduction we’ve experienced here in Las Vegas (and around US) coupled with the enhanced homebuyer tax credit will help our market, as we’ve seen significant increase in sales with entry-level houses, but the “move up market” has not been as brisk.
