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Will the government extend the Tax Credit?

By Lisa Longenbach

Real Estate Agent with Keller Williams

January 20, 2010 03:04 PM

As time goes by, we Realtors are already starting to question whether the deadlines will be extended on the current Tax Credits that are being offered. The main focus seems to be the First Time Buyer $8,0000 credit, but there is also the re-purchase Buyer with the $6,500 credit (lots of stipulations on that one, which is not the focus of this conversation.

Just curious if anyone out there has some insight on this topic. April 30th is coming quickly, and I personally wouldn't be surprised if the government decides to extend, at least, the "purchase" date. And still keep the date of having to settle by July 1.

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Joan Whitebook

BHG The Masiello Group - Nashua, NH

Consumer Focused Real Estate Services

I think the mood of the country will not support another extension/expansion of the tax credit. I'll be back to see what others think.

Jan 20, 2010 03:05 PM

Ed Daniels

Vesta Real Estate Group - Holliston, MA

A Team Working for You!

I think that incentive for repeat buyers is an ambitious deadline... with Metrowest Boston real estate inventory moving so slowly and people needing to sell in order to buy another, the sellers need to start today! I don't think that program will get extended for no other reason than the "crying wolf" syndrome. If they extend, why would people rush to hit deadlines? They figure it will extend out (and maybe sweeten the incentives) so they just feel no urgency. Urgency is what the housing needs to get the economy chugging along.

Jan 20, 2010 03:11 PM

Lisa Longenbach

Keller Williams - Langhorne, PA

Joan, I am curious myself, which is why I posted (obviously), either way it should be interesting to see how it all plays out. Since we really had no "break" from the other tax credit, right into another. I have been selling real estate for 22 years and we have never had such a thing in all those other years.

I think it has been a positive overall, but I really have to question...would the people who bought in the past year have done so without tax credit?? I tend to believe that most of my Buyers would have done so anyway, many didn't even qualify for the credit . (under the old rule) Let's wait for the others to chime in.

Jan 20, 2010 03:13 PM

Sam Miller

RE/MAX Stars Realty - Howard, OH

Knox County Ohio Real Estate Specialist

Lisa - I do not think it will be extended and I also believe the interest rates will have increased before the final tax credit deadline expires.

Jan 20, 2010 03:22 PM

Lisa Longenbach

Keller Williams - Langhorne, PA

I keep hearing that about rates, too. If only we had a crystal ball!

Jan 20, 2010 03:30 PM

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Lisa Longenbach

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