Tax Credit for Homebuyers Deadline Near: Will It Be Extended?

The homebuyers tax credit has a deadline of November 30th but with the programs success there are those who want Congress to extend the deadline by six months.  The tax credit will provide new homebuyers with up to $8,000 toward the purchase of a new home and thus far many have taken advantage of the free money.  Mortgage rates are at an all-time low as are housing prices so many have rushed to take advantage of this perfect environment for buyers.  These factors along with the tax credit have helped to bring the housing recession out of the slump, which was a great blow to the economy as a whole.

Some analysts believe that the extension on the tax credit could bring close to half-a-million people into the housing market and it could be the last surge that would fully heal the housing market.  In fact, there is a consensus that if the tax credit program were to stop there would be a reversal in the housing market and the gains we have seen would be wiped clean.

However, there are some who feel that even though the tax credit helped there is nothing to be gained by extending the tax credit.  The money saved from not extending the tax credit could go to needy areas like unemployment.  There is also a concern that the tax credit program is going to cost billions more than originally planned.  Also, there have been reports that some people who can afford homes and are unhurt by the recession are receiving the tax credit, which is a waste.

Regardless, the time for taking advantage of the tax credit may be short so anyone who may be considering buying a home needs to act now.  Some mortgage payments may be lower than rent so there are advantages to the tax credit.  What it boils down to is if anyone is on the fence about buying a first home checking about mortgage rates and the tax credit is something that needs to be taken care of now.  No matter if you think the tax credit is a good or bad idea there’s no denying that it has helped. 

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