The $6,500 Repeat Homebuyer Tax Credit—Will There Be Another Extension To The Program?

When the first-time homebuyer tax credit was extended last year, the $6,500 repeat homebuyer tax credit was introduced and helped many repeat buyers move into a new home.  While there have been homeowners looking to financial assistance to move into a new house, there are concerns over the housing market still, despite many who feel that housing has stabilized.

Many homeowners are asking if the homebuyer tax credit is going to be extended and while there has yet to be an announcement on an extension, many homebuyers are hoping one will come before the April 30th deadline for being under contract on a home comes and goes.

With many homes losing value and mortgage rates so low, analysts thought the housing market would profit since homebuyers could not only get a more affordable home with a lower mortgage rate, but a tax credit too.

While the housing market’s slow recovery can be linked to unemployment there are many who feel the homebuyer tax credit should be extended because as employment numbers rise, so will the number of home purchases, and having a tax credit still available would go a long way in getting more people into the housing market when unemployment abates.