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Deadline Nears for First Time Home Buyer Tax Credit17 Sep

Just a reminder to all of those sitting on the fence about buying their first home…. the first time home buyer tax credit is expected to expire on Nov. 30th, 2009.  Congress has been discussing renewing it or expanding it for over 6 months, but there is no guarantee that they are going to do either of the two.  Here is a little bit more information about that from an article in USA Today.

Time is fast running out for first-time buyers hoping to get a tax credit of up to $8,000, and Realtors say they’re seeing a marked upswing in interest as the deadline looms.

Real estate groups also are urging Congress to extend the credit beyond its current deadline and expand the tax credit to up to $15,000. Now, buyers must close on their purchase by Nov. 30 to be eligible for the credit.

Home builders and real estate organizations are concerned that letting the tax credit expire could knock the wind out of the current housing recovery. And failing to expand the credit could imperil efforts to get more move-up buyers into the market.

“Right now, the recovery is in the first stage and getting entry-level buyers in, but it’s having no impact on the move-up buyer,” says Richard Smith, CEO of Realogy, the parent company of Century 21, Coldwell Banker and others. “If we can expand the credit to go after that move-up buyer, we’ll be home free.”

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