Orlando Real Estate News

Great news!

 The U.S. Senate voiced support on Wednesday for extending and expanding a soon-to-expire $8,000 first-time homebuyer tax credit.

This would also allow for those who have been in their home for at least five years to receive a $6,500 tax credit if they purchase a new primary residence.

The tax credits would be available to homebuyers who sign sales agreements by the end of April 2010. They would have until the end of June to close on their new homes, according to a summary of the legislation being circulated among lawmakers.

The credit will also be available for individuals making up to $125,000 a year and couples earning up to $250,000 per year, raised from $75,000 and $150,000, respectively, in the current tax credit.

While extending the credit enjoys widespread support, its fate is caught up in a spat between Reid and McConnell over unrelated issues.

Reid wants to attach a bill to extend the homebuyer credit as an amendment to legislation to lengthen insurance benefits for unemployed workers.

A Reid representative said the unemployment insurance measure could get pushed to next week as lawmakers try to resolve differences over unrelated issues, which would delay consideration of the homebuyer credit extension.

A Reid representative said, "We will get this extension passed,"

A report last week showed sales of previously owned homes hit a two-year high in September as buyers rushed to take advantage of the credit before its expiration date. However, a report on Wednesday showed new home sales, a much smaller segment of the market, tumbled unexpectedly last month.

Separately, a report from the Mortgage Bankers Association on Wednesday that demand for mortgages has fallen for the past three weeks as buyers move to the sidelines.

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If you want to sell your Seminole County or Orlando area home in the next 6 to12 months, now is the time to begin putting your plan into place while time is still on your side. Please contact us for any real estate assistance you may need.

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