Now That Congress Has Passed The Extension of $8,000.00 Tax Credit What Next for Buyers?

By
Real Estate Agent with Keller Williams Realty Cityside

" The MBAG office has received the following update on the Home Buyers Tax Credit...

The House and Senate yesterday approved a continuing resolution that includes a provision that would extend current loan limits for FHA and the government-sponsored enterprises through next year.

Additionally, Senate leaders announced they have agreed to an extension of the $8,000 first-time home buyer tax credit through April 30. The popular credit, which has strong support from the Mortgage Bankers Association, is set to expire Nov. 30.
The CR, which keeps the federal government running through Dec. 18, passed the House on a 247-178. The Senate vote was 72-28" Source: MORTGAGE BANKERS ASSOCIATION OF GEORGIA, http://www.mbag.org 

Now that congress has passed the extension of $8,000.00 tax credit for first time homebuyer's iincluding another $6,500  tax credit to existing homeowners who have lived in their current home for a consecutive five-year period withing the past eight year's, what next for all buyers?

The answer is all buyer's must be ready to take advantage of these tax credit's now  and should not wait untill the last minutes. In early September, we saw a lot of home buyer's scrambling to be on under  contract by October ending so they can close before the previous December 1st tax credit expiration. The new tax credits would required home buyers under contract by April 30 and close before July 1 2010.

Therefore, now is the time to act. Agents should broadcast these news to all buyer's in their market area so we can get housing market moving again. 

 

Posted by

Jay Badru

Certified REO Specialist

Keller Williams Realty Cityside

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Re-Blogged 1 time:

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  1. JERMAINE FRANKLIN 11/03/2009 06:29 AM
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Rainer
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Wayne Smith
Corona del Mar Properties - Corona del Mar, CA

I agree these buyers should not wait for the last minute, i see this happening a lot

Nov 03, 2009 06:20 AM #1
Rainer
15,573
Jay Badru
Keller Williams Realty Cityside - Atlanta Naval Air Station, GA
Certified REO/Short Sale/Foreclosure Specialialist

Wayne,

Yes it does.I hope we don't let it happens again by getting the word out quicker this time. Thanks

Nov 03, 2009 06:31 AM #2
Rainmaker
722,730
Connie Lou Barnett
Real Living/Home Realty - Owensboro, KY
GRI,CRS,CRB,SRMM,ARA,PRS,SFR,QSC

Hi Jay,

    Thanks for the information and I hope this improves our winter sales.  It always slows down during the winter months in our area.

Connie Lou

Nov 03, 2009 07:36 AM #3
Rainer
15,573
Jay Badru
Keller Williams Realty Cityside - Atlanta Naval Air Station, GA
Certified REO/Short Sale/Foreclosure Specialialist

Connie,

if we build the momentum now, we all will have a great winter. Good Luck

Nov 03, 2009 07:43 AM #4
Rainmaker
511,053
Robert L. Brown
www.mrbrownsellsgr.com - Grand Rapids, MI
Grand Rapids Real Estate Bellabay Realty, West Mic

There will always be procrastinators. But hopefully as you've said we need to jumpstart the economy and this is a big way to do it.

Nov 03, 2009 07:48 AM #5
Rainer
15,573
Jay Badru
Keller Williams Realty Cityside - Atlanta Naval Air Station, GA
Certified REO/Short Sale/Foreclosure Specialialist

Robert,

My goal is that we all create a buzz, and let buyer's know

Nov 03, 2009 08:26 AM #6
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Jay Badru

Certified REO/Short Sale/Foreclosure Specialialist
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