The current first time homebuyer tax credit is set to expire on December 1, 2009. However, House Speaker Nancy Pelosi says that the governement may extend it and expand it.
There is consideration that they may increase the tax credit from $8000 to $15,000 and possibly include all purchases or purchases involving new home construction!
This would be a huge benefit to the housing market as well as to the economy as a whole. The National Association of Realtors has asked Congress to extend the credit due the estimated 350,000 buyers who would not of bought homes without the credit. They also indicate that it brough 1.2 million new buyers into the market! Wow!!!!
At least, lawmakers are requesting a 6 month extension on the original first time tax buyer credit. Even if you are not a first time buyer, the tax credit may still benefit you. Please give us a call or email us and we will be happy to answer any further questions you might have!
The InSight Team is here to help you make choices you can live with today....and in the future.
Michele "MAC" A. Cole
Business Development Rep