Profile picture for lhouse1960

Do you think it is possible that they may extend the tax credit out until the end of 2010?

I am buying a home over the summer but it will not be closed on before June 30, 10.  What is the likelyhood that they may extend out until the end of year?  Has there even been any discussion about this?
Thank you
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February 28 2010 - Carmel
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Answers (11)

When the tax credit got extended from November to April, Senator Isaacson said then that this would be the last homebuyers tax credit. To date, I have read nothing that even implies the Administration and/or the Congress are even thinking about extending it.

There are plenty of benefits to homeownership. Housing inventories are high and mortgage rates are near historic lows. The average homeowner's net worth is more than ten times that of a non-homeowner. Holding on to your house for a long term has more security than any stock or bond. There are also other tax advantages just waiting for claiming.

Don't put off buying a house just because there is not a tax credit. That was just gravy anyway.

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May 24 2010
I don't think this will happen, or they would have been in talks to do it before this one ended, just like last time. 

I think there will probably be talk of a small credit being bounced around at a later date, but only if real estate sales die out after the ones elegibile for this last tax credit get closed.  Then the rush on real estate could die, putting the real estate market back where it was prior to the tax credit to begin with.

It will be interesting for all of us to keep our ears open for this!
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May 24 2010
Profile picture for sunnyview
You can get information on the deadlines for the tax credit from the IRS here. I believe that you have to be under contract to buy before May 1 and then you must close by July 1 to be able to claim the credit. 
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March 01 2010
I didn't see anyone mention it so I could be wrong on this, ask your realtor. But my understandong of the tax credit; is that to qualify for the tax credit, you just have to be under contract by April 30th. Your contract could say to close in 60-90 days, etc.

I don't specialize in first time buyers so I am not sure how accurate that is. Ask your real estate agent!

After you close, you can do an addendum to your taxes to update for this year. Or just wait till next to file for the credit. It is up to you. Contact your CPA for advice on what is best for you.
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March 01 2010
It's possible but I don't think it's probable. If they extend it again then people will go on and on thinking they'll keep extending it which will work against the intent -- which was to create immediate response.

As is the credit is set to expire just at the time when business picks up normally with or without a credit so they would have no real need or reason at that time.

If anything maybe it would disappear for a while and then come back but again, that would work against the intent because those that might buy at a "typical time of year" might wait.

I'm certainly willing to accept that I may end up being proven wrong but the wording of your question makes it seem you are looking for a professional educated opinion and that is mine. Not probable.

(Now I must go on to read what others said out of curiosity. I didn't want to do that first as to not be influenced)
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March 01 2010
I like your attitude, you are buying now because it is the right time for you and you are ready, tax credit or not.  I think it worked out better when it was offered in 2009,  for some reason most of those that wanted to take advantage of the credit did so then.  I do not see the remainder buyers in any rush to buy.  In NH, sales of existing homes went down 7% in January and 7% in February, so there you are.  Having said that, anything is possible in this life.  If I could put my two cents in any conversation taking place in the White House, I would suggest that what we need is more job opportunities, lower taxes and no gifts.  When the economy offers hopes the rest will take care of itself.
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February 28 2010
I sure hope so.  But my advice is to buy now if you can.  Interest rates are great.  House prices are great.  Homes on the market that are in foreclsoure or a short sale.  Why not try and get a deal.  Find a realtor you can trust and have fun buying a home that you can enjoy. 
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February 28 2010
Profile picture for wetdawgs
The benefit of waiting until after the tax credit expires is that the prices are bound to drop again.  You may actually benefit more by waiting than the $8000, and not be tied into having to pay it back if you have to sell/move within three years.

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February 28 2010
I don't believe it will be extended once again. The reason behind the tax credit, HAMP, FHA and other programs is to help people purchase and keep their homes, thus keeping inventory as low as possible and thus keeping home values from falling.  Our goverment, consumers and agents need to realize that the best incentive for buying a house is "HOUSEHOLD INCOME." We need to create jobs. If people don't have a job or their current job is unstable, houses are not going to sell.  The credit is only pushing buyers who are able to buy, to buy now. 

The credit should not be the only thing pushing you to buy a house.

Think about this....
1 - A good agent will save you thounsands of dollars in negotiating the usprice of your home.
2- You as a buyer should try to come up with a good amount of money to put down and get the best financing possible.  This will save you thousands of dollas over the  life of your mortgage in interest rates.

Hope this helps!
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February 28 2010
Profile picture for lhouse1960

I would never be purchasing before "everything in my life was in place".  I am purchasing because I am at the right place, not because of the tax credit.  I was just curious if there had been any discussion out there about that.

Thank you for your helful response.

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February 28 2010
If they do, they won't announce it until April 29th! This is a good time to purchase but if you don't have everything else in your life in a good place you should not buy before you are prepared. 8k for the first time buyer of 6.5K for the homeowner moving, is nice and a help but it should not be the only reason to purchase now. Hope this helps.
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February 28 2010
 
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