Quote from NAR cheif economist Lawrence Young from an article by Walter Maloney at realtor.org…
"About 2.5 million first time home buyers are expected to take advantage of the $7,500 tax credit between now and the middle of next year."
Are you going to be one of them?!
And just to clarify – the credit is not a flat $7,500. 10% of the home purchase price, up to $7,500.
If I were a first time home buyer, I’d think of this as a gift. Yes, you eventually have to pay it back but a hefty tax credit your first year of buying a home can come in very handy!