For those of you who haven’t heard yet, President Obama signed into law legislation that extends and expands the first-time homebuyer tax credit this morning. This enacts the legislation into law making the extension and expansion effective immediately after today. The original homebuyer tax credit is set to expire on November 30 of this year.  The new law will extend the $8,000 (or up to 10% of the purchase price, whichever is less) tax credit for first-time homebuyers until April 30, 2010 and allows 60 days to close provided the homes are under a binding contract by that date.   

The program has been expanded to provide a $6,500 tax credit for homebuyers that are not first-time buyers but have owned the same primary residence for at least five consecutive years in the last eight years.  The termination date for this new program is April 30, 2010 with no extension for closing. 

The original Tax Credit program has been extremely successful and this extension and expansion will be a great boost during what is normally a slow time for buying and selling.  First-time homebuyers have taken advantage of this tax credit in Medford Oregon and its surrounding areas and new statistics for Jackson County show that for the ninth straight month existing home sales in Jackson County rose by double digits when compared to the same period last year.

Let’s keep these sales going.  If you want any information on a home for sale in our area or any area you can go to www.medfordpropertyvalue.com for complete information.