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$8,000 First Time Buyers Tax Credit Extension...and More!

By Kimberley Kelly, SFR, HAFA, GREEN

Real Estate Agent with HK Lane, Christie's International Affiliate, 760-285-3578 DRE #01329387

October 29, 2009 02:38 AM

$8,000 First Time Buyers Tax Credit Extension...and More! The First Time Home buyers Tax Credit is set to expire at the end of November. Tough to get your new property under contract and then closed by that date if you go into contract TODAY! But...that is going to be extended AND a credit of $6,500 is going to be offered to repeat Buyers who have owned their homes for 5 years or more.

Tax credits would be available to buyers who sign purchase agreements by the end of April...

For the full article go here...http://tinyurl.com/yhwqell

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Karen Fiddler, Broker/Owner

Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA

Orange County & Lake Arrowhead, CA (949)510-2395

Oh this is the big news this morning, I'm seeing it in all the blogs....Personally, I think it's a mistake for the longterm health of our market...but I know many people who are going to personally benefit and that makes me happy.

Oct 29, 2009 02:40 AM

Steve Merson 512 412 1621

Keller Williams Realty - Austin, TX

CNE, e-PRO

Hi Kimberley,

Yes, there are so many blogs about it today!

Karen does indeed have a very valid point, nevertheless, I believe it is essential in this climate and I'm delighted for some of my first time buyers who were struggling to get things done on time.

Steve

Oct 29, 2009 02:46 AM

Scott Larson

First Weber Hedeman Group - Monroe, WI

SRES

Remember how the auto manufactures started rebates many years ago? In the short term it was great, long term????

The credit is a helpful tool but at sometime we need to be able just to sell homes on value alone

Scott

Oct 29, 2009 03:48 AM

Robert McArtor

RE/MAX Components - Fallston Maryland - Bel Air, MD

Top Listing Agent for Baltimore and Harford County

Hey Kimberely, this is great news for the home buyer but has not happened yet. We have certainly made a few AR Bullies angry with posting first on this! :)

Oct 29, 2009 11:39 AM

Kimberley Kelly, SFR, HAFA, GREEN

HK Lane, Christie's International Affiliate, 760-285-3578 - La Quinta, CA

I do Real Estate like I played polo-to WIN!

Nope, hasn't happened yet, just in the makings. I think it does help in the short term, and I also think we need to sell homes only to qualified buyers so am torn on this one. Does feel gimmicky, yet we need to reduce the inventory, yet we don't want another wave of REO's from buyers who could ONLY get in with the tax breaks combined with 3.5% down on an FHA loan. Need to raise the down to 10% minimum for FHA..

Oct 29, 2009 01:59 PM

$8,000 First Time Buyers Tax Credit Extension...and More!

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Kimberley Kelly, SFR, HAFA, GREEN

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