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Race to buy before April 30?

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

In some areas, sellers are racing to put their homes on the market before the temporary homebuyer tax credits expire. Currently, homebuyers who qualify need to be in contract to buy a home by April 30, 2010. The transaction must close by June 30, 2010. The word on the street is that the credits won't be extended again. The first-time homebuyer tax credit of up to $8,000 on the purchase of a primary residence is available to first-timers who qualify, including previous homeowners who haven't owned in the last three years. For single taxpayers, income limits for purchases made after Nov. 6, 2009, were increased to $125,000 for single taxpayers and $150,000 for married taxpayers filing jointly. In November, the credit was opened up to long-term homeowners. Those who qualify can receive a tax credit of up to $6,500. They must have lived in their principal residence for five of the last eight years. The income limit for single taxpayers is $125,000; for married couples who file ...