The new law extending the existing new home buyer tax credit of a refundable $8,000 for "new" home buyers (there are details of course) includes a new "move up" or "down sizing" existing home buyer tax credit refundable and non-repayable tax credit of $6,500 if you have owned a home 6 of the past 8 years and your income is less than $125,000 if single or $250,000 if married (with some other details you can google). You do not have to sell your existing home by the deadline of April 30, 2010, but the home you buy does have to become your new principal residence.

This is a fantastic tax refundable (meaning the government refunds you the money when you file your taxes; it is not a mere tax deduction), especially in the north Houston areas such as Spring, The Woodlands, and quality neighborhoods like Northampton, Auburn Lakes, The Woodlands, Augusta Pines, Wimbledon Falls, Gleannloch Farms, Champions, Creighton, and areas in Magnolia, Tomball, and Montgomery among others, where $6,500 will allow buyers to walk into a home with a good chunk of instant equity.

As you can tell, the offer expires right now at April 30th of 2010, so act now! There are deals already on the market, and if you work with experienced, full-time brokers who know the areas and how to find good deals, you can sell your existing home well in good time and you can buy even better and with up to a $6,500 limited time tax credit! The time to act is now. Interest rates won't always be this low, and the good deals won't stay on the market forever. And the biggest secret out there right now on the north side of Houston especially in the areas I named above is that quality properties are holding their values very well, so it's even a reasonable time to sell, especially if you have knowledgeable and experienced real estate brokers by your side.

Consider the opportunity. 2010 could really be the big "come back year." Start planning your come back now. $6,500 is nothing to sneeze at. Congress has finally let you in on the game if you have owned your home and are looking to move up or downsize. Don't turn your back when you've just been let in on what you've been waiting for and deserve!