Home Buyers Tax Credit Extended through June 2010

 I notice many folks asking the question "Is it a good time to buy?".  In addition to low housing prices and low interest rates, the Senate voted to extend the first time buyers tax credit through the end of June.  It is definitely a GREAT time to BUY!!!

Mari Suzara, Realtor
Charleston, SC
  • June 17 2010 - Charleston
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (12)

Profile picture for falsedawn
The credit has NOT been extended - the deadline for closing has moved from June 30th to September 30th. Buyers still needed to be in a contract before April 30th.
  • June 17 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

It is my understanding that the admendment to extend the closing deadline from June 30th to September 30th was defeated today in the Senate.
  • June 17 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Oh my goodness!

Could we try any harder to make Agents look stupid? Please learn how to read, read a newspaper, etc!!!!!

You have to have signed a contract before May 1, so this supposed "good news" would only apply to someone already under contract, but having trouble closing before the June 30th closing deadline.
  • June 17 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for blue screen exile
Actually, I'm extremely glad that she posted!  It makes it exceptionally clear what NAR really stands for!
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
"Not Able to Read"
  • June 17 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Yes, it is the deadline for closing that has been extended, but is still very promising for many buyers who would not have made the previous deadline.

To clarify:  "The Senate on Wednesday approved a plan to
give home buyers an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring.  The move by Senate Majority Leader Harry Reid would give buyers until Sept. 30 to complete their purchases and qualify for tax credits"
  • June 17 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I'm pleased that they got this done.  I have newly wed first timers in contract since 4/28 and we've been waiting since 5/28 for a break in the weather so our roofers could get caught up and start on us.  Completed roof is a loan contingency.  I still think we'll be done next week but it's nice to have the breathing room.  Especially since it's STILL RAINING.
  • June 17 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

  • June 17 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for blue screen exile
I was going to post that if an agent can't close withing a 60 day escrow, something must really be wrong with the agent.

But yes, a roofing contingency may cut that 60 day escrow a bit close.  Of course roofs can be done in the rain; it just is more work and requires more protection and caution.  As there is no rain presently here, I forget that many areas have rain close to year round.

But that is one out of how many signed contracts?

Does Maria actually have any signed contracts that can't close in a 60 day window?

The legislation will certainly do nothing to impact present offers, only a relatively small percentage of existing signed contracts.
  • June 17 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

According to the National Association of Realtors, 180,000 Americans who bought prior to the April 30th deadline are having trouble closing due to no fault of their own. According to NAR, it's mostly due to lenders being overwhelmed with applications. The Senate has approved the change and the House will need to pass similar legislation (and get the President to sign) to see the change in the law. But if Congress misses the May 30th deadline, it's possible they could make the law retroactive.

As this won't cost the U.S. Treasury any money, it's an easy vote in an election year.
  • June 17 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for blue screen exile
I don't think any of the loan officers on Zillow mortgage market place think they are being overwhelmed with applications.  That is not the issue at all.  The issue is that the buyers are not qualified to borrow what they want to borrow, and NAR has oversold what people could not afford again.  In most cases, if they can't close escrow in 60 days, they are not going to close escrow in 120 days either.

But based on all the NAR members that keep posting on 6 months to 2 years old questions in the home Q&A, apparently 120 day escrow is very normal for some of these NAR members.

And who says it's not going to cost any money???  $8k x 180k people is $1.44 billion extra that wouldn't have been spent if they missed their closing date.

I won't vote for any legislator that votes for this.
  • June 17 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

some of them may be short sale transactions. I'm betting at best 100K of that 180K are eligible for the credit. Then, even given three more months, I'm betting that only half of so of these ever close.

So, 50K more buyers get the credit. (and yes, this does cost the treasury, it is 50,000*$8000 in less tax receipts next year, ie more federal deficit) $400,000,000

But, for the housing market, this is a non event, and for buyers today, on this forum it matters precisely zero since they aren't under contract.
  • June 17 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for natewolf
Good agents are reminding their First Time Homebuyers about the Mortgage Credit Certificate program. Which offers ANNUAL tax credits up to 30-percent of the interest. This will QUICKLY be of more value to homebuyers as it is for the LIFE OF THE LOAN!!! And, it can help buyers qualify for higher priced homes as well -- something the One Time Only $8000 Tax Credit does not.
  • June 22 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.