$8000 Homebuyer Tax Credit

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.
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Comments

  • 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 agree 100%.
  • 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.
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