Posted by Carolyn Kruse on September 26, 2009 at 10:41am
National Association of Realtors Chief Economist Lawrence Yun said existing home sales will rise through the fourth quarter, but that the end of a federal tax credit that gives first-time homebuyers $8,000 will affect that pace if it expires in November. As per [FAR and Palm Beach Post]. I agree what is your opinion on the first-time homebuyers tax credit? I think they should leave it into play for another 6 - 12 months.
I agree that the tax credit should be extended to held increase the interest in buying a home in this market. But out of the 15 to 20 homes we have closed on since March, maybe 6 to 8 were first time buyers or qualify for the tax credit.
Now if Congress would change this around to allow it to be used for down-payment assistance or open it up to ALL buyers, I think we would see a major kick-start to the housing market. If we can get more quality inventory on the market!
Yes, the tax credit should stay in play. It sure helps these first time home buyers, this money usually is needed for paint and carpet (at the least) on these REOs.
I hope that they do extend the tax credit, I have so many customer that is trying to get USDA Loan, and the wait time is so long that they will miss out on the tax credit.
Comments
Now if Congress would change this around to allow it to be used for down-payment assistance or open it up to ALL buyers, I think we would see a major kick-start to the housing market. If we can get more quality inventory on the market!