Klobuchar Urges Minnesota First Time Home Buyers Use the $8000 Tax Credit Soon

Senator Amy Klobuchar, says first-timers are taking advantage of part of the American Recovery and Reinvestment Act, which gives many of them up to $8,000 in tax credits. "Now it's a reality, it's a reality until the last day of November," says the Senator.

To qualify, single taxpayers can have incomes of up to $75,000 and married couples can have incomes of up to $150,000.  Further, those who make more may be eligible for some credit.  According to MAR (Minnesota Association of Realtors), over 60% of the homes sold this year were foreclosures or short sales, and 50% of homes sold went to first time home buyers. More importantly, home sales in Minnesota increased upwards of 20% in June, over June of 2008.

"You can never predict what's going to happen in Washington, so our message today is use this tax credit when you can," the Senator warned.  Home sales must be finalized by November 30th to be eligible for the tax credit. There is talk that the program may be renewed for next year, but Senator Klobuchar says right now, that talk is only idle chatter.

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Comments (2)

Agents Ranking says...
on 09/08/10

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Everyone certainly took advantage of the buyers tax credit. The problem is apparently EVERYONE who was thinking about buying; did, and now we're looking at horrible number for August, September...

http://minnesota.agentsranking.com

Steph Blendermann says...
on 09/09/09

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As a Realtor for Coldwell Banker Burnet "The Blendermann Group" we so appreciate this postive message that you gave Amy! Thank you for all your hard work and for most of all keep the people informed.

Steph Blendermann