Well...at long last it has finally arrived! "What", you say. The deadlines for the tax credits. The $8,000 First Time Home Buyer Tax Credit and the $6,500 Move Up Tax Credit we've been talking about for months expires today!
Although I have had many buyers take advantage of the tax credit, I suspect that there will be some folks who will miss the Federal Tax Credits because they believe the credits will be extended again.
As of today, Congress has made no mention of proposing another extension of these home-buyer credits. In fact, many decision makers in Washington believe that the tax credits have been available long enough to produce the maximum results possible. They also feel its time to redirect these tax dollars toward other programs that could further stimulate the economy and help with unemployment. Many of the current tax credit bills involve offering tax incentive dollars for the creation of new jobs.
If you have failed to get a property under a "Binding Agreement" contract by today, you will have no chance of receiving the tax credit. As they say, Your time is up! I hope you were able to take advantage of the home buyer tax credit opportunities. I am sorry to say that I truly don't think they will be reinstated.
Regardless, you can still get a great buy on a house. We are still in a buyers market. Home prices are still very low. Interest rates are still hovering around the 5% mark. Life is good!
If you are considering the possibility of purchasing a home, I strongly suggest that you take advantage of this opportunity before interest rates begin to rise. Please call me. I can be reached anytime at 770-399-8108. E-mail me at sara@sarahibbard.com or visit my websites located www.sarahibbard.com OR www.sarahibbardrealestate.com. I will be happy to help you find your "ideal" home when the time is right for you.
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