Should The $8000 First-Time Home Buyer Tax Credit Be Extended?

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Real Estate Agent with Keller Williams Realty The Marketplace NV License # 56750

www.FederalHousingTaxCredit.comAs it currently stands, the $8000 First-Time Home Buyer Tax Credit applies to homes purchased before December 1, 2009. If we allow sixty days for escrow and whatever other issues arise from contract to close, that leaves just over two months for first-time buyers to find their dream home.

Has the credit made a positive impact in your local real estate market? Should the $8000 First-Time Buyer Tax Credit be extended? Please share your thoughts in the comments and use the links below to contact your Representative and Senator.

Contact Your U.S. Representative

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Ambassador
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Jason Crouch
Austin Texas Homes, LLC - Austin, TX
Broker - Austin Texas Real Estate (512-796-7653)

John - I do think this should be extended, perhaps through next summer.  Just my humble opinion -

Jul 26, 2009 02:32 PM #1
Ambassador
934,873
Mike Frazier
Carousel Realty of Dyer County - Dyersburg, TN
Northwest Tennessee Realtor

John,

I really believe this will be extended if not enhanced!

Jul 26, 2009 02:34 PM #2
Local_partner
936,065
Ricky Khamis
Amerifirst Financial, Inc. - Mesa, AZ
NMLS 173141 | CADOC 173141 - 480-339-1565

Being that it got a bunch of fence sitters to purchase I do believe it will be, BUT it is going to take a loud voice to stir the nest.

Jul 26, 2009 02:42 PM #3
Rainmaker
409,241
Karen Monsour
Coldwell Banker Fort Lauderdale Beach - Fort Lauderdale, FL
REALTOR, SSRS - Sells FL Waterfront, Short Sale Expert!

I don't know if it should be extended or not, but the fact that people now know it is expected to end soon sure has put some fire under their feet here in south east Florida!  :-)

Jul 26, 2009 02:52 PM #4
Rainer
5,893
Michelle Triolo
Century 21 New Millennium - Annapolis, MD

Yes, I do believe it should be extended. Unfortunately, too many fence sitters are going to wait till last minute to purchase & take advantage. I think title/settlement/escrow companies, lenders, & appraisers are all going to overloaded come Oct/Nov to get these deals closed by end of Nov. This will just add to the already typical delays we have been seeing recently. The big question is...if there is no extension...will they allow for some sort of leniency for those deals that were in place scheduled to close before Dec 1st but got delayed?

Jul 26, 2009 03:04 PM #5
Rainmaker
643,145
Marchel Peterson
Results Realty - Spring, TX
Spring TX Real Estate E-Pro

I would love it if they extended it.  I have helped quite a number of first time home buyers get in to there first home since this came in to affect.  I hope they at least extend until January 1.

Jul 26, 2009 03:26 PM #6
Ambassador
1,118,240
Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239
Real Estate One - Commerce, MI
Michigan homes for sale ~ yesmyrealtor@gmail.com

It has helped our market out a lot.  That is all we are helping right now.  A few relo companies

Jul 26, 2009 03:37 PM #7
Rainmaker
80,566
April Solomon
Solomon & Associates Realtors, Inc. - Port Richey, FL
Realtor/GRI

It has helped our suffering market and I think it should be extended through to next year or maybe even increase the amount to give the housing market a shot in the arm.

Jul 26, 2009 03:40 PM #8
Ambassador
428,985
Rich Cederberg
eXp Realty - Albuquerque, NM
eXp Realty Agent Albuquerque

The credit has impacted my business greatly. I am experiencing what I think is the beginning of an even greater surge of business that's going to continue until the end of November.

I just hope buyers won't wait too long...

Jul 26, 2009 03:42 PM #9
Ambassador
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Respect Realty LLC
Respect Realty LLC - Milwaukie, OR
Brokers - Oregon / SW Washington Real Estate

Is it getting buyers that are looking today off the fence? I'm not sure it is! All my buyers are saying that it doesn't matter if they get it or not, they just want a good house and don't want to feel rushed. While I've heard from others they have buyers that are in a panic to buy. I think the government should just stop spending our money like a drunk sailor.

Todd Clark - www.LivingBeaverton.com

Jul 27, 2009 03:15 PM #10
Rainmaker
797,359
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate www.ChandlerRealEstate.weebly.com - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

John - I do think it needs to be extended.  We seem to be helping out all these current home owners who bought homes they couldn't afford, or refinanced their home to 100%, and are now upside down.  It is only fair to help someone who has not recently had the opportunity to own a home.  They have done nothing wrong, and deserve a break much more than people who have abused the system in the past.

Jul 28, 2009 05:13 PM #11
Rainmaker
76,403
Natalie Langford
Realty Negotiations - Winchester, VA
Winchester, VA Real Estate

I've seen the tax credit help people get off the fence.  I feel it should be extended or we could look at sharp drops for existing home sale purchases across the country.

Jul 30, 2009 11:14 AM #12
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John Novak

Henderson, Las Vegas and Summerlin Real Estate
Ask me about Henderson, Las Vegas, or Summerlin!
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