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Will the Tax Credit be Extended?

Posted on April 15, 2010 by tim in Buying, First Time Home Buyer, Market Update, Tax Credit

Everyone has been asking, “Do you think the $8,000 tax credit will be extended again?”. Below is a recent email that was sent to all Ohio Real Estate agents this past week regarding the question at hand. 

To: OAR Members

RE: Tax Credit/Expansion status

Date: Friday, April 09, 2010

OAR has received numerous inquiries from its members asking what’s the chance that Congress will, once again, extend the Homebuyer Tax Credit/Expansion program. Unfortunately, according to NAR President, Vicki Cox Golder, not very likely. Below is a letter that Vicki sent last week to all State Association presidents explaining the situation and elaborating on what NAR is now focused on…

Dear fellow association leader:

As you know the deadline for the Homebuyer Tax Credit is fast approaching. Buyers must have a contract in place by April 30, 2010 with a closing date no later than June 30, 2010 to claim the credit. We expect that REALTORS will be asking you what the NAR is doing to extend the tax credit. NAR has had extensive discussions with our congressional allies and concluded that an additional extension of the tax credit is unlikely. While lawmakers recognize that the tax credit helped stabilize the market, it appears that much of the benefit has been realized. NAR is now focused on working with our REALTOR Party champions to improve the availability of financing, which continues to be an issue. Specifically, we are working with Congress to strengthen FHA and to help develop a new business model for the secondary mortgage market giants Fannie Mae and Freddie Mac. You can follow our efforts on both fronts at www.Realtor.org/GovernmentAffairs.

Please encourage your members to use the resources available through NAR to help prospective buyers take advantage of the credit before the deadline.

On behalf of the NAR Leadership Team and staff, I thank you for your support, as we help to keep real estate and our members “On the Rise.”

If you should have any additional questions regarding the tax credit, please feel free to contact any member of Team Annett at 513-527-3060 or at teamannett@gmail.com .

Click here for our article regarding the $8,000 Tax Credit


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