I wish that I had a nickel for every person who has asked me if the government will be extending the $8,000 Tax Credit.
Despite all of the rumors and speculation about an extension or the broadening of the current tax credit parameters to include all buyers, right now there is nothing of the sort planned.
The bottom line on this issue, as of this date, is that the $8,000 First-Time Buyer Tax Credit will expire on November 30, 2009.This means that if you qualify as a first-time buyer, you will need to have settled on a home by November 30th in order to be eligible for the tax credit.
It seems that all of the rumors about a possible extension have led some first-time buyers to delay getting into a home during the most opportune time to buy.I fear that some of these folks will be kicking themselves hard (as they should) if the tax credit is not extended.
This is really a once-in-a-lifetime opportunity.Why test your luck by needlessly gambling with $8,000?
If you’re in this situation, my heartfelt advice to you is to hire a realtor today, go house hunting tomorrow, and have a contract on a home before the end of October.
Wondering if you should continue to rent or buy?We’ll run an analysis for you based on the rent you are currently paying, so that you’ll be able to tell if buying makes sense for you right now.
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Wishing you sunshine everyday and the home of your dreams (before the Tax Credit expires),
Jeri
