Here’s what you need to know about President Biden’s homebuyer tax credit.
What’s going on with President Biden’s $15,000 homebuyer tax credit proposal?
First, let’s talk about who qualifies for it. From everything I’ve read, this credit applies to anyone who hasn’t owned a home in the last 36 months. If you’re in this category and proceed to buy a home, the funds are delivered to you at closing. That’s huge because it means the money can be applied to your down payment or closing costs. If you have money left over, you can even take it home that day.
“If you need this $15,000 credit to purchase, you absolutely should wait to buy.”
Should you wait to take advantage of this credit? That’s a big personal choice. If you find a great house and need to move, you’ll get a great deal because rates are still low, so I say you should go ahead and buy. If you have the ability to wait, the decision is up to you because we don’t know exactly when this proposal will pass. If you need this $15,000 credit to purchase, you absolutely should wait to buy. My team and I will let you know when that happens, but in the meantime, don’t wait around for Congress to act. You must make the best decision for your family now.
If you have questions about this or any real estate-related topic, don’t hesitate to reach out to me. I’d love to help you.