Tax Credit Countdown

By
Real Estate Agent with Keller Williams Real Estate

It is starting to get down to the wire for first time buyers wanting to cash in on the tax credit.  The last few weeks I have had lots of buyers jumping into the market before the deadline.  There is a bill trying to extend the credit into 2010 but I am encouraging my buyers to make a move sooner rather than later.  I would like my buyers to be under contract by October 1st.  This date gives me plenty of time to complete even an FHA transaction with a little time to spare.  My worry is that the systems are going to be overwhelmed the last month with buyers trying to make the deadline.  Hic-cups are common in this business but I don't like to put extra stress on a deal with timeframes. 

Comments (3)

Vadim Zolotarevskiy
FunCoast Realty & Management, LLC - Daytona Beach Shores, FL

Debbie,

It is interesting to read about, but in our niche we do not have any first time buyers. just buyers of second/vacation properties.

Would be nice to get a bit more business, but so far it does not look promising.

And I doubt it very much that government would turn to second,vacation home buyers and offer to buy a property in Florida at taxpayers' expense (LOL)

Sep 10, 2009 11:22 AM
Debbie Greto
Keller Williams Real Estate - Media, PA

Don't count that option out just yet.  The orginal plan way back when (last year) was for a $15,000 credit which could be used for vacation/2ndhomes or investment properties.  Imagine the turn around in this industry if that were to happen.  I live within a 1 hour drive to the Jersey shore our economy in the tri-state area would explode.  With everything going on right now with the health care problems would it be too far fetched to think that they would pass health care reform but then use a credit to stimulate the economy to pay for the reform and what better way to stimulate the economy then in real estate.  Just wishing out loud :) 

Sep 10, 2009 11:44 AM
Vadim Zolotarevskiy
FunCoast Realty & Management, LLC - Daytona Beach Shores, FL

Debbie,

Wow, that would seriously affect us here, no questions about it. Will be fun to watch. I still hope that the market would stay on a warming trend.

Sep 13, 2009 11:52 AM