Lobbying to extend the first time home buyers tax credit

By
Real Estate Agent with Keller Williams Realty

I've been watching and reading the news, there's talks to extend the tax credit.  That's great news!  However, remember, when they extended it the last time (late last year) the rules changed.  At first you got $7,500 that you had to pay back over an amount of time, then the revision changed and they gave you, if you were a first time home buyer or haven't owned a home in three years, $8,000!!

  Well...... what would be the change, if any, if they decided to extend the credit again?  The banks are paying the money back from the stimulus package at a much faster pace than expected.  The interest rates are holding steady.  But, why take the chance and wait?  If you are a first time home buyer, take the time now, and not wait for a hopeful extension that may or may not be approved.  The gifted horse's mouth your looking in, take advantage of it, you just don't know what's around the corner.

  Don't try and predict the bottom of the market, it will be and, have been on it's way up before you realize it.

 

  Just my two cents from your San Antonio Realtor!

  If you want to know if your market has stabilized, stop by www.fabailey.com and sign up!

Comments (9)

Sharon & Bruce Walter
Keller Williams Realty Lafayette, IN - Lafayette, IN
West Lafayette homes for sale

It will be interesting to see what happens.  Can you imagine the rush at the end to beat the deadline on November 30th?  What happens if title companies aren't flexible with their hours for the probable rush at the end?  There could be some loud complaining if that happens.  Time will tell.

Sep 02, 2009 02:43 PM
Frank Bailey Sr.
Keller Williams Realty - Schertz, TX

Hello Sharon,

   You've hit the nail on the head.  I don't think loan officers or title companies will be able to keep up with the late rush and it's not their fault.  We as people, have a habit of procrastinating and waiting until the last minute, I'm afraid some of our first time home buyers will miss out on this fantastic program.

Sep 02, 2009 02:48 PM
Robert Solomon/Broker/Owner
I Net Realty Group, Inc. - Hudson, FL

I for one agree with everything you said in your post, as far as everyone waiting till the last minute well thats just the way people are.

Sep 02, 2009 03:02 PM
Frank Bailey Sr.
Keller Williams Realty - Schertz, TX

I Net Realty, thanks for stopping by.  Hopefully our clients and customers will take our advise to heart and work on getting their first home.

Sep 02, 2009 03:06 PM
John Novak
Keller Williams Realty The Marketplace - Las Vegas, NV
Henderson, Las Vegas and Summerlin Real Estate

Hi Frank - I hope this continues. I've got a couple of buyers right now who are trying to take advantage of the credit, but our market is ultra-competitve in their price range, plus we have the uncertainty of a bunch of short sales. It would be great to have a little extra time.

Sep 02, 2009 03:25 PM
Dale Baker
Baker Energy Audits and Commercial Properties Inspections - Claremont, NH
New Hampshire Relocation Real Estate Information

Howdy there Frank

While you have been gone, my friend. Our friends Carl and Ceil, got them selves. One of them there little ole AR Featured Gold Stars.

The folks out there, that are still a wait-en. Sure do need to get going, on finding that home they are a want-en to buy. Thats for sure!

You sure have been missed in the AR community. Welcome back!!

Baker Home Inspection and Consulting AR Signature

Sep 03, 2009 02:12 PM
Carl Winters
Canyon Lake, TX

Dale I certainly hope and believe they will extend this program. It will be good for everyone in the industry. I heard on the news the other day that there is a possibility that some builders will also begin to build some new homes. Just hope they move slowly and know what they are doing. This $8,000 tax credit was a little slow to begin but once it gained steam there is no stopping. Hope it continues.

Sep 03, 2009 02:50 PM
Frank Bailey Sr.
Keller Williams Realty - Schertz, TX

Hello John,

  Yes I hope it gets extended, I think they'll change it back to the way it was before, as a loan to be paid back though.  I hope not.

Sep 11, 2009 09:26 AM
Frank Bailey Sr.
Keller Williams Realty - Schertz, TX

Hello Dale,

  Yes I saw that, Congratulations Carl and Ceil!!

Sep 11, 2009 09:26 AM