We have mentioned the First-time home buyer tax credit here on the blog several times. This credit expires on November 30th 2009 so you will have to close on your home on or before that tax to claim that credit. I realize this is a touchy subject but all things political are. Right now the National Association of Realtors is supporting proposed legislation that would extend this credit and even allow it to be extended to all of those purchasing a primary residence. Regardless of whether or not you were in support of the American Recovery and Reinvestment Act we now must move forward. Our own Senator Barrasso voted for a measure that would provide home buyers with a tax credit equal to the lesser of $15,000 or 10% of the purchase price. This measure failed but there are several other bills pending before congress that would either extend or revise the current credit. It is important that we take steps to stabilize our nation’s housing market. I believe the tax credit was a positive move and that we are going in the direction of a healthy long term recovery.
If you or anyone you know is a potential first time homebuyer please let them know that there is still time to close on a home before the November 30 deadline.