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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