President Obama granted some good news to those eligible homebuyers who were in contract before April 30, 2010 and have not closed yet. Previously, if a home buyer had not closed before June 30th, they would miss out on an opportunity to take advantage of the tax credit. The extension of the homebuyer tax credit now allows buyers who were in contract before April 30th to be eligible if they close before September 30th.
Although this extension will not be an enticement for Ulster County homebuyers that have just begun their search, it will be a strong incentive for those that are in contract to follow through on their commitments. Even slow developing transactions should close in the allowed timeframe without a problem.