Time Running Out for First-Time Home Buyers Tax Credit

By
Real Estate Agent with Melody L Anderson

$8,000 Tax Credit Scheduled to Expire Nov.30

Unless Congress acts to extend the credit before the scheduled deadline, first-time homebuyers wanting to take advantage of this credit need to act soon!   Nowadays it's taking at least 30 days to close, so I advise putting something under contract before Nov. 1.

money house

Realtors and contractors have been lobbying, as you might imagine, for an extension of this deadline.    There is plenty of opposition to an extension of this homebuyer's credit, so passage is far from assured.

I have no crystal ball during these uncertain times,  but if you have a stable job, decent credit, and always wanted to own a home; it's hard to see how you could lose by acting in time to receive this credit - particularly on homes priced under $100K.  

(This post originally appeared on Melody's blog "www.PostcardsFromTheLake.com)

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Rainmaker
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Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos

Hi Melody,  I just received an email from NAR asking for support and to contact our elected officials about extending/expanding the credit.  I guess this takes a little pressure off.

Nov 01, 2009 07:48 AM #1
Rainer
18,927
Melody Anderson
Melody L Anderson - Camdenton, MO

I'm starting to feel comfortable about the possibility of the extension passing.  It looks like it may even get expanded to anyone who's lived in their home for five years - although there would be an income cap.  We should know soon!

Nov 01, 2009 08:10 AM #2
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Rainer
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Melody Anderson

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