On July 30, 2008, President Bush signed a major housing bill (H.R. 3221) into law. As part of the housing bill, Congress has created a new, temporary tax credit to provide an incentive for first time homebuyers. The $7500 credit will be available for the purchase of a principal residence on or after April 9, 2008 and before July 1, 2009.
This “credit” works more like a no-interest 15 year loan.
Who can use the new tax credit?
Only first time homebuyers are eligible to use the credit.
How is first-time homebuyer defined?
As an individual who has not had an ownership interest in a principal residence in the previous three years. The 3 year period is measured as of the date of the purchase of the eligible principal residence.
For more information visit Oregon.gov for full details…
November (December not out yet) reported 15 months of inventory currently on the market. That means if homes were to continue to sell as the current rate, it would take 15 months to sell all of the homes listed.
What does this mean for you, the buyer? It means we have a record high for the past 3 years of homes for sale. Homes that in a faster market, would have been snatched up quickly, are sticking around long enough for buyers to search for their perfect home, do the research and negotiate a good deal. Time to take advantage of this unique opportunity.
Why was the date set for April 9; there is a lot of us that just missed the deadline that would have benefited from the tax credit