Extend And Expand The Homebuyer Tax Credit
October 5th, 2009 Categories: Buyer's Corner, Colorado Round Up, First Time Buyers, Focus on Boulder
Hurry!! Time is ru
nning out!! In order to be eligible for the first-time homebuyer tax credit you must:
- find the perfect home,
- complete a contract,
- satisfy any contingencies,
- secure financing, and
- negotiate inspection
BY NOVEMBER 30th!!!
I would say time is out! Now, it is so important for Congress to Extend and Expand the tax credit ASAP!
The $8,000 tax credit expires December 1st. The usefulness of the credit diminishes daily if the credit is not extended well before that date explains The National Association of Realtors.
The Association goes on to say that the credit has been a success as homebuyer interest peaked and home sales increased. Today’s lower prices and interest rates appeal to customers but it’s the tax credit that really drove clients to open houses and to home-ownership. But a homeowner is only eligible for the tax credit before December 1st which rushes the process of finding a home, completing a contract, satisfying contingencies, securing financing, and making it to the closing table by November 30th.
According to Seven News, more than 27,000 Colorado homebuyers have taken advantage of the credit. This week, the White House said its economic team is evaluating the credit’s impact on home sales and will make a recommendation to President Barack Obama. There have been more than a dozen bills introduced in Congress to prolong the life of the tax credit past the Nov. 30 deadline, and on Thursday Senate Majority Leader Harry Reid endorsed the idea of extending the credit for an additional six months. The housing market has been devastated in Reid’s home state of Nevada.
If you would like to take action urging Congressto expand and extend the homebuyer tax credit, write a letter and let them know. I would say that the tax credit did help boost the economy, but it wasn’t enough. Why not extend it another year? Besides the tax credit, what else could be done? Something has to be done about appraisals. For instance, deals are falling through much too often these days because of a poorly done appraisal. Anyway, don’t get me started. What do you think should happen?
