The federal tax credit for first home buyers is coming to an end! The housing stimulus lasts up until December 1st. Will we see an increase in people buying homes? People are realizing that it's now or never to save up to $8,000 in taxes. Many may decide to buy now for the first time, with the pressure increasing. However, there may be more time to make such a decision according to an article on MSNBC. Several bills reside in Congress right now that propose extension of the tax credit for about another 6 months.
So what does this mean for home buyers? Do people need to buy now, or is there a good chance of an extension on the credit? These are questions to which many would-be first time buyers would love answers. However, the fact that Congress cannot even determine whether or not the stimulus has proven successful presents a problem.
The federal economic team struggles to put a finger on the positives of this federal expenditure. If they find out by December that the tax credit has been a worthwhile investment, we will most likely see an an extension. Otherwise, the tax credit for first time buyers might have run its course and buyers might want to look into saving some money on their first home.
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