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Extending the Tax Credit for First Time Homebuyers

Posted: September 23, 2009

With the tax credit deadline of December 1st  looming for first-time homebuyers, the National Association of Realtors (NAR) is asking all of its members (approximately 1.2 million members, to be exact) to encourage an extension of the deadline into next year.
 
So far, the real estate market has seen an increase of over 1 million buyers since the inception of the credit. At least 350,000 of these buyers reported to NAR that the credit positively influenced them to purchase a home. With this kind of surge in the market, NAR feels that keeping the momentum going, and maintaining buyer demand will be a key factor in a successful recovery of the real estate market and economy. 

Currently, the tax credit guidelines stipulate that buyers looking to qualify must meet certain financial and residence guidelines, and have closed on the property by Nov. 30, 2009. With the average transaction time hovering between 45 and 60 days, buyers are being strongly urged to put in offers and act quickly. Hopefully, Congress will choose to extend the tax credit, but there are no guarantees in the works.

 

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