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What will happen if the $8,000 Tax Credit goes away?

The National Association of Homebuilders has been tooting a big horn to the White House complimenting them on the excellent results that the up to $8,000 tax credit has created. I read the other day that it has helped over 357,000 people purchase a home and I am sure that number is higher this week. Some feel that if the tax credit is not extended, that the housing market will go back into a funk.

From reading the article that was talking about NAHB...it also said that President Obama was considering the extension. I hope that we all rally around NAHB and the President to make that happen. I think it would jump start 2010 and the economy. What do you think?

Posted by Suzanne Gantner, GRI, E-Pro, SRES on 10/13/2009 02:58 PM

Comments (5)

Tax Credit for 1st Time Homebuyers in the ActiveRain Channel

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5 Comments on What will happen if the $8,000 Tax Credit goes away?

OCT

I think it would be great if they would extend it for those who are under contract by November 30. I would also love to jump start 2010.

I agree Jan Marie, sure would be a nice way to end the year and start the new one!!

I don't think it is a huge impetus but it certainly can't hurt. Just talking about it makes buyers think more about moving forward. However, none of my first-time buyers seem to care.

Funny you mention that your first-time buyers don't seem to care. Mine are kinda 50-50. I guess I need a cattle prod or something.

I think it should end as planned without extension (except the military one that is happening). Let it rest for december then on january 1st announce the 2010 homebuyer incentive. If it gets extended then buyers will have a lack of urgency and deals on the table will fall apart rather than close before dec 1st.

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