Just in case you haven’t been paying attention to the Colorado Springs real estate and housing market, things are looking much better than they were just a few months ago.  Part of the reason for this is the extension of Federal Homebuyer Tax Credits, originally set to expire on November 30, 2009.  Thanks to the extension and revision of these tax credits, both new and repeat home buyers now qualify for credits of up to $8,000 through April 30, 2010.

One key point about these outstanding Colorado Springs housing market opportunities is a more inclusive income cap. Now, instead of maxing out at $75,000 for individuals and $150,000 for couples filing jointly, the new income limits are $125,000 for individuals and $225,000 for joint filers.  These new income caps apply to new or existing homes purchased between November 6, 2009 and April 30, 2010.  In addition to the $8,000 new home buyer credit, a new tax incentive of up to $6,500 was introduced last month for repeat home buyers.  This credit has the same income stipulations as the new homebuyers’ credit, but it requires buyers to have owned a home for five consecutive years out of the past eight, and only applies to homes sold between November 6, 2009 and April 30, 2010.

If you are considering buying or selling a Colorado Springs home, you should visit this highly informative web site, FederalHousingTaxCredit.com.  This site was developed to provide more detailed information about these incredible, short-term offers.

Just around the same time that the tax credits were extended, another bright spot appeared on national housing market’s horizon.  According to CNNMoney.com and National Association of Realtors, existing homes sales surged in October.   This report, which was released in late November 2009, showed that home sales rose an astounding10.1% in October.  According to analysts’ estimates, the sales reached a seasonally adjusted annual rate of 6.1 million units, which beat the forecasted 5.7 million units analysts had predicted and rose 23.5% above the lackluster pace of just one year ago.

When you start to see robust sales like this at the end of the year, it is a very encouraging sign, but some economists remain cautious.  Adam York, an economist from Wells Fargo, believes “it’s really a story of the tax credit…” but still, he says a 10.1% gain in October “was a big, big jump.”  With the extension of the Federal Tax Credits through April, the stock market rebounding steadily, low mortgage rates and a great selection of affordable homes, now is an excellent time to enter the market.

To read more about the recent surge in home sales, read Existing home sales at highest level since 2007 at CNNMoney.com.

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