We’re not putting the cart before the horses just yet, but we’re keeping our ears open as the senate makes progress on extending the first time home buyer tax credit. With a slight decline in overall home sales in September being blamed on buyer uncertainties of the first time home buyer tax credit expiration, the powers-at-be have been hard pressed at work to keep the tax credit alive – even if only for a little while longer.
It goes without saying the the program has been very successful across the nation as well as right here in Oregon with “thousands” participating. The Gardner Team has helped numbers of families buy their first time home to those looking to buy or sell in the move up market as they’re all taking advantage of this great opportunity in real estate in one form or another.
With an extension on the horizon, we’re still full steam ahead to close on homes in time before the first tax credit wave ends just to be safe - but we are looking forward to making the second tax credit wind just as successful. Stay tuned here at www.DiscoverSherwood.com - keeping you posted on the latest first-time home-buyer tax credit news.
Breaking NEWS: Key lawmakers in the Senate have tentatively agreed to extend the existing $8,000 tax credit for first-time home buyers and also offer a new $6,500 credit for existing homeowners who have lived in their current residence for a consecutive five-year period in the past eight years. Home buyers must be under contract by April 30, 2010, and close before July 1. House Democrats have expressed concern about the cost of the tax credit for the government, and allegations of abuse have resulted in an IRS probe of the program.
Source: Wall Street Journal, Corey Boles and John D. McKinnon (10/29/09)
