Extended and Expanded Home Buyer Tax Credit

~ Up to $8000 credit for First-Time Buyers and up to $6500 for Current Homeowners.~


The First-Time Homebuyer Tax Credit has been expanded to include current homeowners. As of September, over 1.4 million first-time homebuyers have taken advantage of the credit since its introduction and locally, we have seen increased sales activity in the under $300,000 price range. Now that the credit is being offered to current homeowners, we anticipate an increase in sales in all price ranges. If you have been thinking about "moving up" or downsizing - there is no better time than the present to make that next home purchase.

Key points of the legislation include:

• Current homeowners must have owned their current home consecutively for 5 of the last 8 years.


• First-time homebuyers cannot have owned a principal residence for past 3 years.


• New home purchase price is limited to $800,000.


• Home must be under contract by April 30,2010 and must close by July 1, 2010.

For detailed information and restrictions, please visit the NAR web site.

River City or Festival City

I often think that Richmond should be called “Festival City”. We seem to have a festival to celebrate everything – folk music, wine, chocolate, watermelon, beer, bbq, hanover tomatoes, and a host of nationalities and cultures.
This Saturday, get outside and meander downtown to the Brunswick Stew Festival at 17th Street Farmer’s Market. Sample a few different varieties of stew, listen to live music and enjoy the downtown scene. Nothing like a full tummy and a little toe-tapping to make you appreciate our great city.