Will the tax credit be extended?

[cpa realtor]

I have a client who asked me this yesterday. I really don't have any articles or links to back up any opinion on this. I told her it might but not to bank on it. I was trying to avoid putting my foot in my mouth. I have only been a Realtor for a year and I don't want to give my clients bad advice. I have 2 clients who are on the fence because they feel that Obama is going to extend it and/or increase it. Does anyone have a opinion or links to back up any opinion on this?

[satxproperty]

I believe that there are numerous bills, none have gone anywhere yet...

Your buyers can "Hope for Change" that never really comes about and lose out on the current tax credit.

Here are a few that I found:
http://www.govtrack.us/congress/bill.xpd?bill=s111-1230
http://www.govtrack.us/congress/bill.xpd?bill=h111-2619
http://www.govtrack.us/congress/bill.xpd?bill=h111-2606
http://www.govtrack.us/congress/bill.xpd?bill=h111-2801
http://www.govtrack.us/congress/bill.xpd?bill=h111-2655

[papaul1621]

I'm not sure if it will be extended but buyers are risking $8,000 if it doesn't.

[Phoenix Real Estate Guy]

Who knows what Congress will do.

But, there are currently five bills in committee (4 in the House, 1 in the Senate) to extend and/or increase the tax credit. My personal feeling is it will be extended and maybe the first-time buyer restriction will be removed. I'd be surprised if the Senate bill passed (it's attempting to revert to the originally proposed $15K credit).

And of course, I could be completely wrong.

I wrote a fairly lengthy blog post about the bills that are currently under consideration. It is here.

And now I'm off to read the rules to see if it's OK to post links... If not, I'll come back and edit.

[donnalong]

I think it will be extended as well but there are no guarantees. It has been a boost to sales for sure.

[satxproperty]

Locally, we have had dismal results from First Time Buyers program.

The $8000 First Timers Tax Credit certainly hasn't been the panacea as it was proposed to us to be.

I've only had 2 first time buyers so far this year, both had significant money in the bank. One a Grizzly Adams type that bought land with a house. The other was a retiree that has a new fiancee that wouldn't live in an apartment. (For neither was it a deciding factor.)

[Sam Chapman]

What I have heard is that around half the money set aside for this has not been spent. I think it will be extended.

[Toby Lane]

I don't know if anyone feels the same way, but I think the credit markets are still tightening, along with appraisals and MI companies. Buy a house now and get your $8,000. Don't take a chance on not being able to buy a home later.

[TrophyHomes]

IF they are going to extend it i hope they dont do it until the last day. THis will create a great sense of urgency!