Move-Down Buyers Can Be Eligible For Tax Credit Too
Move up, move down, move sideways; it just doesn’t matter. Whichever direction you move, financially, you may still qualify for the new tax credit available to current homeowners. It is unfortunate that the credit has too often been characterized as a credit for “move-up” homeowners. The phrase carries the implication that the new home must cost more than the sale price of the former one. Indeed, even the November 6 White House Press Release said that the credit would be available to qualified homeowners who “wish to step up to a new home.” Same implication.
Read the rest of Bob Hunt’s article on Realty Times at http://realtytimes.com/nl/nlpages134/1movedown.htm?open&ID=suemeservier
So, it is worth emphasizing that the credit is equally available to homeowners who are moving down, cost-wise.