8000 Buyer Tax Credit: Will They Extend It?

I believe that Realtors would tell you that the $8000 tax credit for first time home buyers has definitely had an impact on their sales for 2009 thus far. This week, Ron Phipps, First Vice President for The National Association of Realtors testified to the Senate Banking, Housing and Urban Affairs Committee about this very issue. He gave housing statistics on increased existing home sales, as well as a lower inventory of homes on the market. You can read Ron Phipps' Testimony on the NAR web site.

There is hope throughout the real estate industry that the US Federal Government will extend this much needed tax credit. The 8000 buyer tax credit is assisting people who haven't purchase before, or those who haven't owned a home for at least 3 years, in buying a home that they may not have been able to purchase otherwise. There are also other loan incentives available right now that are helping home buyers qualify for a home. Many of these incentives can be combined with the 8000 buyer tax credit, creating an incredible opportunity to purchase a home.

This real estate stimulus has given the Nashville real estate market a boost. We hope to hear a decision in the near future that this tax credit will be extended.