LATEST NEWS ON THE FIRST TIME HOMEBUYER TAX CREDIT FROM NAR:
The deadline is approaching, with just over 8 weeks to go on what has been a successful program it is no surprise that the National Association of Realtors is urging the government to keep the $8,000 First Time Homebuyer Tax Credit program going!
The tax credit has brought 1.2 million new buyers into the market—350,000 of whom would not have purchased a home without the credit, according to the National Association of Realtors. NAR has said that in every economic downturn in the past, the housing market has lead the way in stabilization for the economy
NAR are trying to get congress to extend the program a few months into 2010 or beyond to really help the housing market stabilize! As the current deadline for the credit looms, potential homebuyers need to complete a contract, satisfy any contingencies, secure financing and go to closing all by November 30th. FHA, who have played a crucial role in helping first time homebuyers secure financing, are strengthening their financial position with tax payers money to ensure that its insurance remains in place therefore it seems to make sense that congress could take advantage of the situation and extend the program to help the market in the longer term.
In today’s market, NAR estimates that it generally is taking between 45 and 60 days from contract to closing. This means that if you are a first time homebuyer you need to act now to make sure you can get in for the credit! CONTACT US TODAY IF YOU NEED ASSISTANCE IN THE MALIBU OR SURROUNDING AREA!
Check back with us to see more as this develops.
f you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.
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Judy Kunisaki – CA DRE license 00963582
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[...] in terms of the $8,000 Tax Credit, which the National Association of Realtors believes should be continued into next year they say, [...]