Will The First Time Home Buyer Tax Credit Be Extended?

Many recent transactions and potential transactions that I have dealt with have been buyers who were enticed by the first time home buyer tax credit.  Since you must close by November 30, 2009, the window is no longer open.   The market has changed this month.  I believe buyers are holding out to make their next move.   It appears that the tax credit has done its job by pumping up the economy and reducing  inventory.  The National Association of Realtors is pushing for an extension of the tax credit.

Here is some information from the National Association of Realtors:

“The data on the present home buyer tax credit show that the credit has had its intended impact—sales have jumped in recent months to a projected 5.1 million for the year and housing inventory has been trimmed, thus stabilizing home prices noticeably,” Phipps said.  He also pointed out that each home sale generates approximately $63,000 in additional economic activity, providing a tremendous economic boost to the national economy.”

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Quoted from Realtor.org

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