No matter which side of the arguement you come down on; the facts are that lots of Tennessee home buyers are using the $8,000 tax credit to buy a new home with.
A recent release by the Internal Revenue Service (IRS) showed that Tennessee was 13th in the nation in buyers that have already claimed or filed for the 8K credit.
That program ends on November 30th of 2009 and I'm very curious to see what effect it will have on our market. Buyers I've worked with and had contact with this year seem to be much more deliberate and willing to let the price come to them than ever before. I suppose that is a byproduct of the current recession we're in.
I wonder what this graph will look like in December & January after the tax credit goes away?
There's lots of talk in the real estate community about whether the credit will be extended past the existing deadline and it's still anyone's guess what will happen. My personal belief is that the fed is going to let it expire and see what happens.
Buyers can now actually claim next year's tax credit this year by filing an amended tax return (most any CPA will do one for about a hundred bucks) on your 2008 return via a special option the IRS has created.
"Qualifying taxpayers who buy a home this year before Dec. 1 can get up to $8,000, or $4,000 for married filing separately.
“For first-time homebuyers this year, this special feature can put money in their pockets right now rather than waiting another year to claim the tax credit," said IRS Commissioner Doug Shulman. “This important change gives qualifying homebuyers cash they do not have to pay back.”
If you're thinking of buying there's still time to get in under the wire but I advise you to call me as soon as possible and let's get started finding you a new home.
www.KnoxvilleHomeCenter.com is a great place to start.