Extension of Tax Credit Is On the Table

Posted at 7:58 AM, Sep. 18, 2009

Last night a bi-partisian bill was introduced before the Senate to extend the current first time homebuyers tax credit of $8,000.  To date, over a half of million people have qualified for this credit.

The National Association of Realtors has requested that the bill be extend to June 1st of 2010 versus it's current expiration of November 30th of 2009. Most buyers (and agents alike) are feeling it is crunch time given how many transactions are taking 45-60 days to close.  So the absolute latest date to write an offer is October 15th. 

In addition to a postponed date, the NAR is asking changes to the bill including raising the income caps and opening it up to all buyers, not just first timers, in order to help stimulate the move-up buyers who would be most responsible for the housing recovery. 

I will keep you posted on the results.  Let's hope they do extend it.