New Proposal Would Extend Credit to Existing Home Owners and Increase Income Limits

Although it has not yet passed, this bill could be voted on as early as today. The agreement that was reached today includes:
- An extension of the current $8,000 first time home buyer tax credit.
- A new credit of up to $6,500 for existing homeowners.
- An increase in income limits from the existing $75k for single taxpayers and $150k for married taxpayers to $125k and $250k respectively.
- A maximum purchase price of $800,000.
This news is particularly good for home buyers and sellers in the Ridgewood area . Many of the homes in the area are out of reach for first time home buyers. Consequently, the first time home buyer tax credit did not have as much of an impact in Ridgewood as it had in other areas. However, now that existing homeowners are in the mix, we can expect to see a more direct positive impact in our area. $800,000 may not be the very top of the Ridgewood Real Estate Market but there is plenty of housing inventory in, and around, Ridgewood below $800,000.
For more details on the plan click here.
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