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 Dennis Norman UPDATE 11/06/09 5:14 p.m. – Thanks to Denis T who was commenting on this post, click here to go to the IRS site with information on the new tax credits. UPDATE 11/06/09 1:00 p.m. – I just heard that a short while ago President Obama signed the bill into law. IT’S OFFICIAL! So if you are in the market for a home .. Go For It! Dennis Norman I have been talking a lot lately about the first-time home buyer tax credit of $8,000 that has stimulated some home buying but is set to expire on November 30th. I have also shared the efforts by organizations such as the National Association of REALTORS, The Mortgage Bankers Associaiton, The National Association of Home Builders and Fix Housing First to urge Congress to extend the home buyer tax credit as well as expand it to include more than just first-time home buyers. Unfortunately there are some inaccurate reports I’m seeing this morning that indicating the Senate has passed a bill to extend the home-buyer taxcredits, which is not true, yet. However, I am happy to report that progress is being made though! According to an email I just released by the National Association of REALTORS: Continue reading “Home buyer tax credit update“ Dennis Norman By: Dennis Norman Results have just been released of a study conducted by Rosen Consulting Group as to the effectiveness of the 2009 first-time-homebuyer tax credit and the potential need for an extension of the credits. The Rosen Consulting Group was retained by Fix Housing First, a coalition that was originally working to convince Congress for a housing stimulus package The study noted that “facing the most significant economic crisis since World War II, Congress and the White House passed the Housing and Economic Recovery Act of 2008 in an effort to provide support to the contracting economy and beleaguered housing market.” Continue reading “Homebuyer tax credit has been primary cause of recent return of buyers to market according to study“ By: Dennis Norman Nearly one in five (18 percent) prospective first-time homebuyers said extending the $8,000 tax credit would be the primary influence on their decision to buy a home before the end of 2010, according to a Zillow survey. That would equate to 334,000 buyers from Dec. 1, 2009 to Nov. 30, 2010 – a likely time period for an extension, according to additional analysis. Zillow queried adults who qualify as a first-time homebuyer, asking them if an extension of the tax credit would influence their plans to buy a home before the end of 2010. If the credit were extended, of those who intend to buy a home, 18 percent called the credit the “primary influence” in their decision, 25 percent said it would be a “significant influence,” and 27 percent said the credit would have “some” influence on any home buying decision. Thirty-one percent said it would have no influence on their decision. Continue reading “Almost 1 in 5 prospective homebuyers say extending $8,000 tax credit to 2010 would be primary influence on their decision to buy“ |
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that they feel would have a more significant then what was ultimately passed, and since has been working to get the tax credit extended beyond its current expiration date of November 30, 2009.