Homebuyer's Tax Credit Set to Expire
The $8,000 first time homebuyer's credit is set to expire in November and buyers are busy finding the best deals. Can you believe it....Riverside County home sales rose 14% in July according to market analys. With 7,000 transactions closing escrow, 299 were in Murrieta and 225 in Temecula. Wow that's Great!
The recent rise in home sales is being attributed to both historic low prices, down over 40% from their peak in 2007, and the federal tax credit that grants up to $8,000 to first time homebuyers that is slated to expire in November of this year. Originally expected to end in June, Congress took action to extend home buying credit in an effort to help qualified buyers find great deals on foreclosures.
The tax credit program has been a tremendous success by all accounts, with nearly 20,000 homes in Riverside County changing hands this year. Buyers hoping to get the best prices on homes in addition to the tax credit has made the decision of first time home buying a much easier choice.
But for those of you who have not yet taken advantage of this credit not to worry as they say.....it's never to late....well for now that is. Take advatage of this great time to buy a home....and recieve that great credit. But act fast because it is coming to an end (November 30th) Contact us today and we would be happy to help :) www.jessicawoldenga.com
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