The Federal Tax Credit for first time homebuyers will expire as of December 1, 2009.  The transaction must be closed by that date to qualify for the tax credit.  There is talk and rumors that the government will extend the tax credit through next year and possible make it available to anyone buying a home and not just first time homebuyers.  We need to stress the fact that the extension of the tax credit is not guaranteed or set in stone but only speculation at this point.

 How Does This Affect Us As Agents ?

 We are getting a lot more people wanting to purchase a home and take advantage of the tax credit.  Unfortunately the market for entry level homes is getting very competitive as we all have seen.  Buyers are getting frustrated with the process and the amount of offers they are competing with.  As I see it buyers have two choices, quite looking and do nothing or get into the game and make offers on property.  Getting into the game at least gives them a chance to have an offer accepted.  Doing nothing will produce nothing results.