Parkland Parrot

First Time Homebuyer Tax Credit Expires in ONLY 43 Days

Calling ALL Homebuyers and Home Sellers!  Real Estate is RED HOT right now!

The $8,000 first-time homebuyer tax credit will expire on April 30, 2010.  This means that all potential first-time homebuyers, or buyers that have not owned a primary residence for the past 5 years, must have an executed purchase agreement in place by April 30,2010 and close at the end of June.

Buyers are NOT looking for short sales, as these homes will most likely not be able to close before the end of June.  As a result, potential home sellers should get off of the fence and list their homes on the market for sale, as buyers are willing to pay a premium in order to receive the $8,000 tax credit.

Many of our clients, both buyers and sellers, are asking if we feel that the first-time home buyer tax credit will be extended again.  I recently wrote an article addressing entitled: Should Homebuyer Tax Credit Be Extended Again?

We would be surprised if the government extended the $8,000 first time homebuyer tax credit based on the information provided to the real estate community.  But, even if the tax credit is extended, FHA guidelines will tighten making now the best time to buy or sell real estate!

To stay updated with all of the current Parkland real estate home information, receive our blog posts directly to your inbox by subscribing to the squawk.

If you are interested in buying or selling a real estate property in Parkland, please give the Parkland Real Eestate Team a call at 954-609-0591 or send a note to the squawk.

Should Homebuyer Tax Credit Be Extended Yet Again?

Word on the streets is that the National Association of Realtors (NAR) is again lobbying lawmakers to extend the $8,000 first time home buyer tax credit until the end of 2010.

But, Senator Johnny Isakson, former real estate agent and last year’s advocate for the 2nd extension, is not on board.  Last November, Linda Goold, NAR’s director of tax policy practically told the public and Realtors that the second tax credit extension would be the last one.

Can the government afford to extend the tax credit for a third term?  Where are we getting all of this money since are deficit is at a record high level?

If the government extends the tax credit for a third time, it will help the real estate market.  But, when the credit was extended in November, many buyers went “back on the fence” knowing that they had more time to purchase and still receive the $8,000 tax credit.  Sales in November to February have been slow as buyers have more time to wait.

If the government announces that there will be no further extension, then there will be a strong urgency for potential buyers to purchase properties by the March 31st deadline!  Please read my article on the tax credit guidelines by clicking:  FHA Mortgage Guidelines Will Tighten In The Spring

As FHA mortgage guidelines tighten in the Spring and Summer of 2010, the tax credit extension could certainly help the market for the long run!  We here at the Parkland Parrot will keep you posted as soon as new information is supplied to the real estate community.

To stay updated with all of the current Parkland real estate home information, receive our blog posts directly to your inbox by subscribing to the squawk.

If you are interested in buying or selling a real estate property in Parkland, please give us a call at 954-609-0591 or send a note to the squawk.