Will The $8000 Tax Credit Be Extended?

Will the$8000 tax credit for first time home buyers be extended?

Yes.

8000 tax credit extended

What the heck – with the start of the football season, I am in a betting mood and this seems like as good of a bet as any.

Now, keep in mind — it is just a prediction, because believe it or not… no one from Washington actually calls me and asks for my opinion about these kinds of things – no matter how many letters I write that start with “Dear President Obama”.

4 Reasons The $8000 Tax Credit Will Be Extended

IF the real estate market of the US has turned the corner (if), it just barely did – and it needs a little while to pick up some more steam.

  1. There are still more foreclosures coming – which will increase inventory.
  2. There are programs such as the Neighborhood Stabilization Program that has enough money to run into next year.
  3. The decision whether or not to extend it will be made by Congress and we all know that they are going to cater to what the masses want.
  4. There is currently at least one bill that not only extends the credit, but allows more people to actually claim it:

“H.R. 2801 (111th Congress) 2009-2010 Home Ownership Moves the Economy (HOME) Act of 2009, is a bill sponsored by Howard Coble, a U.S. Representative from North Carolina’s 6th District. Representative Coble’s bill’s goal is to extend the tax credit into 2010 as well as allow all home buyers take advantage of the tax credit.”

Don’t think that the $8000 tax credit will be extended? Leave a comment and I will bet you a Diet Pepsi it gets extended!

Comments

  1. I’ve heard the rumor – I’m on your side! I really hope it gets extended – my husband & I were just able to work out a credit “issue” to get qualified for a loan – would LOVE to have more time to look!

    PS – have you heard the other rumor that they will up the rebate to $15,000?

  2. I believe you’re correct in your prediction. The government is currently in the position of “propping up the market”. It’s the only thing that’s keeping the economy from imploding.

    Unemployment is near 10% on a national level. Interest rates are poised to begin a percipitous rise. More inventory is in the pipeline as foreclosures are still happening at alarming rates.

    To extend the tax credit is a politically popular move (which politicians can’t resist) and it makes sense to stimulate the ailing economy via supplementing housing investment.

    It’s a no-brainer, it’s just a matter of how quick the legislation will pass once the politicos return from break.

  3. If the credit is extended and the dollar figure is raised, what does that mean to people that have already filed for or received the 8,000? Will they be able to file for the remaining balance owed?
    Just a thought.

  4. Mark G Tully says:

    I sure hope you are right! Its seems like there have been less properties that are in my range lately and I’m thinking of buying even though it is not exactly what I want. I’d kick myself if I found that I rushed a buy when I dont have to.

  5. i’m already an home owner. i’m sure the $8K tax credit can stablize the housing market price, but i think this extended or expanded tax credit (if any) should be applied to all buyers, not just for first home buyers.

  6. Why not extend it and up the anty to 15,000? It all gets back to old uncle sammy one way or another. Lets start taking care of the people who are trying to make an honest go of it.

  7. is there an official site that you can track the voting on this matter?

  8. My husband and I have search every site to appling for the 8000 tax credit but keep getting the wrong site so please email me the site @ moorenakeysha30@yahoo.com so we can buy our first home…. Thanks a million.

  9. As a NJ Realtor I believe that they will extend the deadline, for your reasons but also because as a rule the Real Estate market is typically slow to react to trends. People need time to understand, make decisions and living situations (family, work) in general keep folks from reacting quickly enough for this deadline. I applaude the Obama administration for creating this incentive, but the industry at large needs more time to get this huge undertaking off the ground in order to make the necessary desired impact! I truly hope they approve the extention!!

  10. Vicki McGinley says:

    I am employeed with a title company that depends on the housing market for out main source of income. It only makes since that since the housing fiasco got our economy in this shape, it should be what gets us out.
    The amount of people that would benefit from extending and raising the tax credit for all purchasers would be so helpful to all. From the movers, landscapers, home inprovement stores and on and on.
    We so deparately need this.

  11. I sure hope it gets extended, it’ll be very help full for my husband and I so we dont hurry up and rush into something were not really ready for : )

  12. I hope congress extends the tax credit to the end of this year to include the people that are building homes that may not be finish by June 2010. o

  13. Crystal says:

    I hope the 8,ooo tax credit gets extended so many house not enough time and my husband recently got a job from being laidoff and not enough time to get a home made offer and first bid denied and not enough time to make second!!!And see more and more short sales who has all $ saved to buy from bank!!!

  14. I hoping and wishing that 8,000 gets extended that will help working people like my self a chance to buy a home i been looking for over 1yr it a big jump just can’t buy home that easy it takes money location and a hole lot of careing and planing . we need that extended 8,000 at least to the end of the year

  15. It actually is a no brainer if they want the economy to get better. However the (no) party (Republicans) want Obama to fail so they will fight the extension of this program even though they know it will help push the economy out of this mess.

Trackbacks

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  2. […] there is at least one piece of legislation in place that if passed could not only extend the 8000 tax credit, but it would also increase it to a $15,000 tax credit and be available to all home buyers, not […]

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