Tax credits for first time home buyers started in the fall of 2008 with a $7500 tax credit. This tax credit met little fan fare as it needed to be repaid. In early 2009 that tax credit was increased to $8,000 with no repayment. This tax credit helped restart a slumbering real estate market. As foreclosures and job losses mounted congress and President Obama were under a lot of pressure to keep the economy moving. So the November 30th 2009 deadline has been extended to April 30th 2010.
As the November 30th deadline approached it was no secret that an extension was more than likely to happen. But if you are sitting on the sidelines expecting another extension you will need to stop kidding yourself. If you are not under contract to purchase a home by April 30th, you just passed on the greatest home buying incentive ever offered.
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Very timely blog. too many people are sitting on the sidelines thinking that a credit will always be available.
That first so-called tax credit was really a government loan. And people complain because the government loaned money to the banks, AIG, GM, Chrysler, etc. LOL
Jim,
I almost feel bad for my clients who got the $7500. 2 months more and you would have got more money an no repayment.
Hi Michael!
I feel the same way, those people were screwed over. I don't beleive the tax credit will be extended again either, and it's going to make some people upset that miss out.