house for saleSenator Johnny Isakson, R-Ga, has proposed raising the tax credit from $8,000 to $15,000.  In addition he proposes extending the credit to anyone on the purchase of any home.  If approved, the income caps of $75,000 for individuals and $150,000 for couples would be eliminated.

It is no secret that the first time homebuyer tax credit of $8,000 has been credited with spurring on home sales in the entry levels.  It is set to expire November 30th and we are seeing first time homebuyers scrambling to get a house under contract so as to make the deadline.  I had one such prospective first time buyer call me today.  It's hard to find good, affordable homes, and in the lower price ranges there is little inventory and it is definitely a buyer's market. 

The question on every real estate agent's mind is what will happen once the tax credit expires.  There is no question that the current tax credit has been spurring the uptick in sales and has helped to bolster the economy.  I think Senator Isakson's proposed legislation, if passed, would be a huge boon and speed recovery.  It will be interesting to see how it all plays out in the next few months.

Janna SignJanna Rankin Scharf  provides a superior level of real estate services to home buyers and sellers in Coeur d'Alene and Kootenai County, Idaho. Visit Janna.ServingNorthIdaho.com to search for homes in the Coeur d'Alene MLS for anywhere in spectacular North Idaho.

No matter how grand or modest your real estate dreams may be, you can turn to me in confidence.  Give me a call today and let me know what I can do to be of service to you!

Janna Rankin Scharf AB, GRI, CSP, CNS, CLHMS  208.651.9700

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6 Comments on Senate Proposal to extend and expand the tax credit to $15,000

SEP
18
2009
324,680 Points 10 Featured Posts Outside Blog Attended Rain Camp

This could be a real boost to the 2010 real estate market for buyers, sellers and Realtors, but at what cost? This money has to come from somewhere.

Are these home buyer tax credits the next house of cards that will someday have to collapse?
11:48pm • #1
150,042 Points 3 Featured Posts

This would be great for homebuyers if this proposal is passes and I too am how this may potentially affect the real estate recovery in the United States. 
11:53pm • #2

I am very interested to see where this goes.  The $8,000 tax credit has already costs us about $15 billion, which is double what was projected.  Many Senators are leaning towards it so I will not be surprised if it goes through. 
11:56pm • #3
SEP
19
2009
156,166 Points

As a taxpayer, I cringe at the thought, but as a Realtor, I know a credit of this magnitude will help to put food on my table in the coming year.
7:53am • #4
421,343 Points Called Shot Master

It will be interesting to see what really occurs with this.
7:59am • #5
254,733 Points 2 Featured Posts Outside Blog

It's like every first time home buyer is winning a lotto prize. Makes you wonder what comes next.
2:57pm • #6


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Janna Rankin Scharf

Coeur d'Alene, ID

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Keller Williams Realty Coeur d'Alene

Address: 1450 Northwest Blvd. Ste 301, Coeur d'Alene, ID, 83814

Office Phone: (208) 667-2399

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Coeur d'Alene Idaho Real Estate Blog By Janna Rankin Scharf of Keller Williams Realty is a Great Place For Real Estate Agents and Potential Buyers and Sellers to get to know more about Coeur d'Alene Idaho as well as other parts of Kootenai County and North Idaho.
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