Under the bill, signed into law by President Obama on Friday, Nov. 6, the current $8,000 tax credit for first-time homebuyers has been extended through April 30, 2010, and current homeowners are now eligible for a $6,500 tax credit through April 30, provided they've lived in their existing home as their principal residence for five consecutive years in the past eight years.

In addition, if potential homebuyers have a binding contract on or before April 30, 2010, they have until June 30, 2010 to close the transaction.

For more information, visit KCRAR's page under Government Affairs here. The page includes links to NAR resources on the expanded and extended credit, including a comparison chart and FAQs.

This is great news for current homeowners who are on the fence, and for first-time buyers afraid they wouldn't make the deadline!

Share your reaction and let us know ways you'll use the expanded credit to increase your business at KCRAR's Blog Roll here.