The wait is over!  Yesterday, President Obama signed into law to extend the home buyer $8,000 tax credit until April 30,2010.  This is expected to contribute nearly $22 billion to our economy.

Originally, the tax credit was designed for first-time home buyers, but this new plan will now make it possible for more people to participate.  Current home owners who have lived in their home for five of the last eight years will be eligible for a tax credit of $6,500.

The income limits have been increased to $125,000 for single buyers and $225,000 for couples.  There is a cap on the price of the home at $800,000.

I am hopeful that this extension in the tax credit will help keep the real estate market growing in the right direction.  Especially in the Stockton, CA area where we have an abundance of great deals on homes just waiting for a buyer.

If you’ve already purchased a home this year (Congrats!) and would like a copy of the IRS Form 5405 for the tax credit, you can obtain one at www.IRS.gov

Make it a great day!

Randy