Now is the time to start urging Congress to extend the successful homebuyer tax credit into next year.
“Since its inception earlier this year, the $8,000 first-time homebuyer tax credit has brought 1.2 million new buyers into the market 350,000 of whom would not have purchased a home without the credit,” according to NAR. First time home buyers looking to take advantage of the tax credit will need to find a home and go under contract soon as the credit is due to expire November 30.
“Now is the time for Congress to keep this recovery going by extending the tax credit through 2010 and making it available to more homebuyers. We have all seen how the credit has been a spur to bring homebuyers into the market, and have seen the beginnings of a real recovery in the housing market. Housing has always led this nation out of economic downturns, and can do so again,” said NAR President Charles McMillan.
NAR President Charles McMillan further stated, “The credit needs to be available for an additional period of time in order to sustain the progress that’s been made so we can continue to see our markets fully recover. Uncertainty about the future of the credit will dampen consumer demand. The only way we can assure that the progress we’ve made can continue is to extend the credit and to do that now.”
It generally takes 30-45 days from the time one goes under contract to get to a closing. “That means potential homebuyers who qualify must act now, and so must Congress,” McMillan said.
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