The House has passed the proposed First Time Homebuyer Tax Credit of $8000 until April 30, 2010 with other provisions.
Buyer who have been in their principal residence five of the last eight consecutive years will be entitled to a $6500 tax credit. Here is a link to the changes and provisions of the proposed law.
The $8,000 tax credit has allowed for 7000 more homes to be sold just in Washington State
This new incentive will allow the "step up" or "move up" buyer to sell and get a tax credit.
If you have questions regarding this information, please contact me at 425-308-3669 or email me at karen@karensvillas.com