The final day to qualify for the first time home buyer tax credit is fast approaching. If you are purchasing a home and want to qualify for the credit you must close escrow by November 30th 2009, assuming the credit expires as planned.
Just to clarify, you don’t actually have to be a ‘first time home buyer’ to qualify. If you haven’t owned a home for the past 3 years, you can still claim the credit. So, if you are in contract to buy a home, you want to be sure your lender and REALTOR® are aware that you need to complete your purchase by the deadline.
According to Inman News, “Real estate industry trade groups are mounting a final push for an extension of the first-time homebuyer tax credit, with Sen. Johnny Isakson planning to tie the issue to an extension of unemployment benefits.”
“Lawmakers are holding two hearings this week during which the tax credit, scheduled to expire Nov. 30, will be debated.”
We can all hope the Fed extends the credit to help bolster real estate sales, but don’t count on it. If you have been looking to buy and have not found the right home yet, you may be out of luck to get the $8000 tax incentive offered by Uncle Sam, but there are still plenty of great homes coming on the market at exceptional prices.
