The National Association of Realtors (NAR), according to its president, Charles McMillan, is pushing hard for one more year:
“Now is the time for Congress to keep this recovery going by extending the tax credit through 2010 and making it available to more homebuyers. We have all seen how the credit has been a spur to bring homebuyers into the market, and have seen the beginnings of a real recovery in the housing market. Housing has always led this nation out of economic downturns, and can do so again…. The credit needs to be available for an additional period of time in order to sustain the progress that’s been made so we can continue to see our markets fully recover. Uncertainty about the future of the credit will dampen consumer demand. The only way we can assure that the progress we’ve made can continue is to extend the credit and to do that now.”
McMillan echoes an important point that we brought to your attention earlier this month: Even though more than two months remain until the $8,000 first-time homebuyers tax credit expires (Dec. 1, 2009), it is very little time in the real estate world.
That’s because finding, financing and then closing on a home can take as much as 90 days. And if it’s a short sale then the process will likely take longer … much longer.
So will the 8,000 tax credit for home buyers be extended?
It’s hard to predict at this point, but efforts are currently underway to try and persuade decision makers on Capitol Hill that it needs to happen. In fact, NAR constituents “will be writing to their Senators and Representatives to tell them of the successes with the tax credit thus far and to press them to extend and expand it now.”
We’ll, naturally, pass along any and all updates regarding a possible extension of the program. In the meantime, your best bet is to get cracking looking for the best deals in your area right now just in case an extension never materializes. It’s potentially $8,000 that the government wants to put back in your pocket — that doesn’t happen very often.
Take advantage of this rare opportunity. And remember that Foreclosure.com is also offering blog readers a special subscription discount (after the 7-day FREE trial) for the next few months to help you find the homes of your dreams for the lowest possible price. To learn more click here.
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13 comments
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September 29, 2009 at 4:05 pm
Pingback from Foreclosure.com Blog · $8,000 tax credit for housing in 2009 is working …
September 26, 2009 at 9:27 pm
Oliver
Extend it!
We still need incentive for these first time buyers to jump into the market.
October 5, 2009 at 5:27 pm
Jennifer
extend it! Im trying to buy now and timeframe is ruff
October 7, 2009 at 8:42 pm
Delorse
Extend the $8000.00 1st time home buyer tax credit NOW.
We need it.
People are trying to fix their credit issues and more time is needed.
October 8, 2009 at 9:53 pm
Thaddeus
The tax credit was my motivation to get off the fence and become a first time home owner! However, with how long home sales are taking it is unrealistic to punish those who have already made offers and are waiting to close!
PLEASE EXTEND THE $8000 CREDIT!!!!!!
October 12, 2009 at 11:04 am
Janis
Extend it!! I am trying to close on house and running out of time…and so is many others…Extend Extend
October 12, 2009 at 7:06 pm
margaret
PLEASE EXTEND IT! First time home owner.
October 14, 2009 at 5:43 pm
ernesto
I’m at the border line of closing/not closing before December 1st. I could also use an extension.
PLEASE EXTEND THE DEADLINE!
October 14, 2009 at 10:30 pm
Diane
Please extend it! I’m in the process of waiting for the bank approval on a short sale. In fact, I’ve been waiting since July 15th 2009. With short sales becoming the norm, and short sale process taking sooooo.. long, we need an extension on the deadline for the $8000 tax credit..
October 15, 2009 at 10:42 am
Toni
Extend, Extend to ALL Home Owners. Times are not just tough for those who rent! If I moved out of my small starter home, then a first time homeowner might have a place they want to buy! The market move, realtors get paid and everyone is happy. Most of these homes on the market sitting are quite expensive! A credit would certainly help my family.
October 15, 2009 at 8:58 pm
Konnie
Extend it! Prices will continue to decline past 8K. They will probably not level out until the foreclosures become more scarce… At least phase out the credit … 6K, 4K, 2K, 0K… Don’t just stop it like the car credit!
October 20, 2009 at 7:26 am
vicarkatz
I started the loan process in April. I am a veteran, 3 times deployed. I went through the process with M & T Bank. It was a fiasco. They were so slow. I lost my lot becasue they didn’t close on the date agreed on. So we tried again, and it took until Sep 18th to close on the building loan. That means the house will not be finished until Feb 2010. That means I can’t meet the final closing by 1 Dec. That means M & T Bank has screwed me out of my 8,000 tax credit. They screwed around from April until Sep. That’s a little more than the 90 days you talk about. So what recourse do I have?
October 27, 2009 at 7:19 pm
Katie
Please extend the tax credit! We are waiting to purchase a home until we know that the tax credit will be extended. If it doesn’t pass we will not be purchasing a home for a couple of years.