The talk of the real estate world and around the real estate water cooler is, will Congress extend this tax credit? A great article from the New York Times was brought to my attention today and it looks like Congress has come to an understanding on the program.

“The homebuyers’ credit — enacted last year, expanded this year and scheduled to expire Nov. 30 — would be extended to cover homes under contract by April 30. Also, it no longer would be limited to first-time buyers; people who have owned a home for at least five years could get a $6,500 credit on a new residence. Income limits for eligibility would be raised, making many more people qualify.”

Sounds good to you right? Sounds good to me. One of the major flaws of the current program is that it only worked for first-time home buyers. What about people in condos looking to trade up? It’s a huge portion of the population and hopefully if the article is correct we should see something by this Weds. But as the ol’ saying goes there are only two things certain in life and the government working on your schedule is NOT one of them.

If you want to read more check out the attached link to the aforementioned New York Times Article.

http://tinyurl.com/yblr8np

One Response to “Are we getting this Tax Credit Extended or what?!”