More on the Extension/Expansion of the First-Time Home Buyer's Tax Credit
Many potential buyers are asking if the $8000 First-time home buyer's tax credit will be extended or expanded to include all buyers. I wrote an earlier post on the subject.
The issue has broad bi-partisan support in Congress, most legislators and economists agree that it is helping to jump-start the housing market.
NAR, National Association of Realtors, is of course keeping a close watch on the legislation, and the latest report from NAR is that the legislation will probably NOT be extended. Not because of lack of support, but because of lack of time.
Robert Freedman, Senior Editor, REALTOR® Magazine explains that the problem is really just too little time:
“The problem, rather, is far more prosaic. It’s an issue of timing–even workload. Congressional leaders in both houses are determined to get something out this summer on health care reform. That’s a huge undertaking. There are five major bills in the works and all of those approaches must be merged somehow into a single bill. What’s more, different pieces of different bills are under different committee jurisdictions. It’s a tangled web that Congress weaves!”
As we've just learned that Congress is going on Summer break without finishing the work on the health care reform, as the President wanted, this means that it will extend even further into the fall, possibly the winter.
I don't see an extension coming, call me a pessimist. I'm more thinking along the proverbial lines: A bird in the hand is worth 2 in the bush. If you're considering a purchase, and putting it off in hopes of an extension, you might want to think twice. Just sayin'.
To see homes on the market, use our free MLS search:
_____________________________________________________________
The Highland Group
Chris & Karen Highland * 301-831-9947
Turning Point Real Estate – 301-831-8232
email us: isell4u2@msn.com
Text Us: 301-401-5119