NAR issues Call to Action: Extend $8K credit

NAR Call to Action

WASHINGTON - Sept. 15, 2009 - The National Association of Realtors® (NAR) is calling upon its 1.2 million members to urge Congress to extend the successful homebuyer tax credit into next year.

Since the $8,000 first-time homebuyer tax credit's inception, 1.2 million new buyers have entered the market. Of those new homebuyers, 350,000 would not have purchased a home if the tax credit had not been offered, according to NAR. The credit is due to expire Nov. 30, 2009.

"Now is the time for Congress to keep this recovery going by extending the tax credit through 2010 and making it available to more homebuyers," says NAR President Charles McMillan. "We have all seen how the credit has been a spur to bring homebuyers into the market, and have seen the beginnings of a real recovery in the housing market. Housing has always led this nation out of economic downturns and can do so again."

NAR has asked all Realtors to write their U.S. senators and representatives to tell them of their successes with the tax credit thus far - and to press Congress to extend and expand it.

"The credit needs to be available for an additional period of time in order to sustain the progress that's been made, so we can continue to see our markets fully recover," McMillan says. "Uncertainty about the future of the credit will dampen consumer demand. The only way we can assure that the progress we've made can continue is to extend the credit and to do that now."

As the current deadline for the credit looms, potential homebuyers need to complete a contract, satisfy any contingencies, secure financing and go to closing by Nov. 30. In today's market, NAR estimates that it generally takes between 45 and 60 days from contract to closing.

"That means potential homebuyers who qualify must act now, and so must Congress," McMillan says.

 THIS IS IMPORTANT, REALTORS!!!  We all need to be writing our congress people to get them to extend the tax credit--there are buyers out there, many of them still fence-sitting or stuck in short sales negotiation, but they MUST close by Nov. 30th or lose that shot at $8000.

If you have not done so already (and even if you have!) write, blog, talk to everyone and anyone about extending this credit!!  Look at the statistics--nearly 35% of buyers this year would not have purchased if not for the tax credit--think of what the market would be right now without those buyers!