Will Congress Extend the $8,000 Tax Credit Deadline?

Will time run out for home buyers seeking to take advantage of the $8,000 first-time home-buyer tax credit? The Obama administration incentive is set to expire on November 30, 2009 but Congress may extend the incentive into 2010. With the extension there is also talk about raising the tax credit’s upper limit to $15,000 and loosening some of the income limits.

The National Association of Realtors and the National Association of Home Builders are in full support of the extension. Many Realtors and home builders have experienced an increase in home sale activity as a direct result of the tax credit. Vermont home sellers have also found the tax credit an encouraging marketing tool in selling their homes to first time home buyers. The time it takes to sell a home has decreased and with homes selling at a faster pace the value of real estate property has started to stabilize many area markets.

While there are many arguments on both sides of the isle in Congress it’s hard to argue that the $8,000 tax credit has stimulated the housing market. As the Federal Reserve maintains extremely low mortgage rates, another factor that has been an incentive for buyer’s in this transitioning real estate market, ending the $8,000 home buyer tax credit on November 30th will hurt definitely hurt in the short term. I will keep you posted with updates as the deadline approaches.

Check out Vermont Real Estate Tips & Trends for information pertaining to the $8,000 tax credit.

posted by Bill Desautels P: (802) 655-9100 (800) 639-4520 x217 F: (802) 655-0400 E: condoguy@condoguy.com The Condo Guy – Vermont condo real estate The Condo Guy has been providing advice to buyers and sellers of Vermont condos real estate for nearly 30 years.