Rumor Has It!
There is so much information swirling around the real estate world, some is good information based on fact and historical patterns, some is bad information based on hope, hearsay and rumor.
Here are the 3 most common rumors that are currently circulating:
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The 1st Time Home buyer tax credit will be extended after the first of the year.
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The 1st Time Home Buyer tax credit will be open to ALL buyers.
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The 1st Time Home Buyer tax credit will increase from $8000 to $15,000.
Let us dispel some inaccurate information and give you some additional food for thought.
The tax credit is available NOW until November 30th. (Click here for more information) There are no guarantees this will continue or extend beyond that.
It is true that the National Association of Realtors (NAR) is urging to Congress, to extend the tax credit. However, because this is considered a “revenue measure”, it must originate in Congress. To date there is only one Congressman, who has submitted legislation to extend the credit, but it involves limited eligibility to only individuals who have served in the military, Foreign Service or in the US intelligence community outside the US for 90 days or more during 2009, and they must be first time home buyers.
As REALTORS, we would like to see this tax credit extended, unfortunately we have no indications that this will indeed happen. Therefore, first time home buyers have a limited window of opportunity. The tax credit combined with record low interest rates won’t last forever.