First time home buyers
$8,000 First Time Homebuyer Tax Credit Extension
October 28, 2009 by Jeff Thomas · Leave a Comment
In case you haven’t heard there is a chance that the $8,000 first time homebuyer credit will be extended past the current November 30 deadline.
Senate Banking Committee Chairman Christopher Dodd said on Tuesday that top Democrats in the Senate have reached an agreement to extend the $8,000 tax credit for first time homebuyers.
Senator Dodd told reporters that the Senate has had a meeting of the minds on extending the credit. Dodd indicated that “We have that. Done,” He declined to specify the details of the agreement. Republicans have set a cautious tone at this time, as they have yet to sign on to the bill completely. It was also unclear when the measure would come up for a vote.
“We’re close, we’re close, but I can’t get into any details until it’s a done deal,” said Senator Johnny Isakson.
Thoughts
The tax credit is a BIG deal (for Realtors, home builders and the mortgage industry) not just for first time home buyers planning on taking advantage of the credit. Extending the credit could be bad for the country as a whole as this money drain has to be made up somewhere, somehow and sometime. As with most anything in Congress there should be some kind of compromisefrom both political parties if the if the measure is to come to fruition. We have the Democrats indicating the deal is done and the Republicans saying, hold on a minute, we have some more points to talk over. Nothing is done until the measure is signed by President Obama.
What To Do
Hurry up, then wait. Hurry up, in case you are buying now, you want to close by 11/30. Just in case this thing doesn’t pass. Wait to find out how things shake out. I would recommned buying if it is the right time for you financially and mentally. My recommendation is to plan on being in the home for at least three to five years. Please call me if you wish to discuss your situation.
Articles With Additional Information
Washington Post: The home-buyer tax credit: Throwing good money after bad
CNN: Washington wrangles over home buyer tax credit
Bloomberg: Q&A US Senate closes in on homebuyer tax credit vote
