There’s talk of an extension for the first time home buyer tax credit. There’s been a number of bills introduced to congress having to do with this extension. The latest potential extension gives it another 6 month run. Congress just passed a bill extending the credit for service members only for a year. It might be worth looking into purchasing your first home if they pass it. Read here how to buy your first home.
UPDATE: There is more and more talk every day about this extension. Nancy Pelosi mentions a possibility of extending it to all home purchases, while other bills have been introduced to extend to the end of 2010 with a gradual reduction.
With the tax credit deadline fast approaching, the tax credit is almost out of reach. The inventory of available homes are starting to dwindle as first time buyers are getting all the good deals as soon as they come available. Any new buyers may as well forget about good deals that can be found with foreclosures or short sales because they take too long. There is barely enough time to find a home and get financing in our area. If you’ve planned on buying and taking advantage, you better act now.
I feel that the market is being helped by this “cash for houses” plan and to see it go will also see a downturn in the housing market and economy. With 1,400,000 new buyers this year thanks to this stimulus, it’s going to be sad to see it go.
**There is no official approval for an extension or new tax credit for next year.