Minneapolis Duplex Buyers Should Get More Time To Shop

If you feel like you missed out on all the good deals before the expiration of the first-time home buyer tax credit, there was some good news out of Washington yesterday.

The U.S. Senate voted unanimously to extend the clearance sale.

The $8000 first-time home buyer tax credit will now run through April 30. An additional credit of $6500 will also be available to buyers who have owned their current home at least five years.

Buyers must have a purchase agreement in place by the end of April, and close on the property within 60 days. Single home buyers must earn less than $125,000 per year to qualify. Couples must earn a joint income of less than $225,000 to be eligible.

The credit would not cover the purchase of second homes, and in order to qualify, the price of the home must be less than $800,000.

Goldman Sachs estimates that approximately 70 percent of all current homeowners may qualify for the expanded credit.

The National Association of Realtors estimates that as many as 400,000 recent real estate transactions.

The House of Representatives was expected to vote on the bill as early as today. If it passes, President Obama is expected to sign it.

Upon passage, wise duplex buyers should start shopping well before the April 30 deadline. It will help avoid those last-minute tax credit shoppers and the multiple offers they inspire.