As a slightly-higher-than-middle-income-tax-payer who already owned a home, but was in the market for another, this tax credit seemed too good to be true, and it was. I never qualify for any federal or state incentive or assistance programs, so that $6,500 tax credit looked like a great reason to step up and make the real estate move. Unfortunately, by time I located a lot (which I purchased within the original time limit), hired an agent and builder, and got all the necessary construction approvals, it looks like I'll miss getting my certificate of occupancy by about 6 weeks, which means no credit...unless it's extended again. So I hope they do. I could use the extra $ to upgrade some of the new construction, so it would go right back into the economy.

I know that lots of folks are loving this free money for buying a house and I don't blame them. I just don't see how this home buyers tax credit can work....it's only a very short term fix. When the program ends so does the stimulus to the economy and taxpayers can't afford to keep the program going.

Good info. Real Estate is having a big part on the business world, on real estate, selling is not as easy as eating peanuts, you need to have the guts, proper marketing and being honest on what you are selling but definitely real estate is really a great investment because it gives a lot of opportunity.Brainard Ridge Realty is a full-service real estate brokerage and development company, specializing in Timberframe and Custom Log Homes.

This is great news. I'm very glad it's extended. At least, more people will still have time to take advantage of the tax credit. This means more home buyers and good business for the real estate industry. I hope that the tax credit benefit doesn't fall into the wrong hands, unlike some incidents that I have heard of, where people who failed to meet the requirements actually got their tax credit money quite fast. Strict screening of applicants should be done to avoid loopholes. Thanks for posting!!!

I'm very glad they extended it to 9/30 seeing as i've closed a couple homes where the buyers did receive the tax credit because of the extension. Although, i highly doubt they will extend it again beyond the 9/30 deadline.

I think it was needed, but good points about another gripe fest coming up again in September. I'm starting to forget a market without government assistance... crazy to think about!! :-)

Estancia, I don't see how it will help (and I don't think giving away taxpayer money in the first place was a good idea). The extension is applicable only to buyers who were under contract by April 30 so I don't see it as an incentive for new buyers. As far as 'refreshing' credit scores, it's just more stringent practices by lending institutions who should have been more diligent in years past.

I have had a client who was really disappointed that he couldn't qualify because his short sale was taking so long. Nice to know that there was a little relief for him and some of the others in this same position.

Sure wish I had some clients that this extension would apply to. However, all my San Antonio real estate buyers were able to close on time. I guess this extension might have swept a few in that for some reason or another were delayed in their closing.

I'm all for the market self correcting and not letting the government meddle in the free market economy. The gov should be working towards boosting consumer confidence and quit spending like there's no tomorrow.

After this summer, I predict that there will be another rally cry for all sorts of new tax credits ... just in time for November's mid-term elections.

I'll say that we'll start seeing cries for a new tax credit starting October 1st. Big government just doesn't see how it's preventing the laws of the free market from stabilizing the market. Paying buyers taxpayer money so they can buy a house? It's borderline socialist.

Kenny - I can't see how this extension would get more buyers calling. It only extends the closing deadline. Only buyers already under contract by April 30 are eligible for the tax credit....

The extension of tax credit deadline is no surprise. Jay was right to point out that the government must let this thing go sometime. It's turning out to be a vicious cycle. Come September there would be a lot of clamor to have it extended again...

Hey Jay,

Just wanted to say thanks for always keeping on top of the federal real estate related acts/laws. I always try to avoid politics like the plague but your federal act/law updates are quick and to the point. Thanks for always being on top of it!

-Brendan

Glad they extended the deadline for closing to September 30. It seems only fair considering the length of time it takes to close a short sale. Of course there's still a chance that some transactions still won't make it to closing, but like you Jay I think they need to let this thing go sometime.

I was right. I write that in the post “Senate Amendment to Extend Home Buyer Tax Credit Deadline” for a couple of days ago. The Government, Mr. Obama, Fannie Mae and Freddie Mac are not going to have the June 30 as a deadline day for the Home Buyer Tax Credit. They are going to extend it for 3 months more.

I won't be surprised if it gets extended again. I guess most people don't remember that this program was originally scheduled to end on 11/30/2009 but it got extended at the last minute to the 4/30 contract & 6/30 close dates.

www.google.com is a site that can help you find more information about similair topics.

As a slightly-higher-than-middle-income-tax-payer who already owned a home, but was in the market for another, this tax credit seemed too good to be true, and it was. I never qualify for any federal or state incentive or assistance programs, so that $6,500 tax credit looked like a great reason to step up and make the real estate move. Unfortunately, by time I located a lot (which I purchased within the original time limit), hired an agent and builder, and got all the necessary construction approvals, it looks like I'll miss getting my certificate of occupancy by about 6 weeks, which means no credit...unless it's extended again. So I hope they do. I could use the extra $ to upgrade some of the new construction, so it would go right back into the economy.

I know that lots of folks are loving this free money for buying a house and I don't blame them. I just don't see how this home buyers tax credit can work....it's only a very short term fix. When the program ends so does the stimulus to the economy and taxpayers can't afford to keep the program going.

Good info. Real Estate is having a big part on the business world, on real estate, selling is not as easy as eating peanuts, you need to have the guts, proper marketing and being honest on what you are selling but definitely real estate is really a great investment because it gives a lot of opportunity.Brainard Ridge Realty is a full-service real estate brokerage and development company, specializing in Timberframe and Custom Log Homes.

Your blog is a great resource for real estate business. Thanks for updating up-to-date information regularly here. Nice sharing. Keep posting informative articles like the same.

This extension of Federal Tax credit program will surely a big help not only for agents and home buyers, but most especially it will boost sales that will lead to real estate industry recovery. This program extension will bring more home buyers in the market.

This is great news. I'm very glad it's extended. At least, more people will still have time to take advantage of the tax credit. This means more home buyers and good business for the real estate industry. I hope that the tax credit benefit doesn't fall into the wrong hands, unlike some incidents that I have heard of, where people who failed to meet the requirements actually got their tax credit money quite fast. Strict screening of applicants should be done to avoid loopholes. Thanks for posting!!!

I'm very glad they extended it to 9/30 seeing as i've closed a couple homes where the buyers did receive the tax credit because of the extension. Although, i highly doubt they will extend it again beyond the 9/30 deadline.

I think it was needed, but good points about another gripe fest coming up again in September. I'm starting to forget a market without government assistance... crazy to think about!! :-)

Estancia, I don't see how it will help (and I don't think giving away taxpayer money in the first place was a good idea). The extension is applicable only to buyers who were under contract by April 30 so I don't see it as an incentive for new buyers. As far as 'refreshing' credit scores, it's just more stringent practices by lending institutions who should have been more diligent in years past.

They had to do something about this - the housing credit was the only thing keeping any momentum whatsoever the real estate market. This should help - besides I know Chase is now doing a second credit check at closing - so that could derail the entire process. Time is definitely needed to close. How many other banks are doing that same thing I wonder.

I have had a client who was really disappointed that he couldn't qualify because his short sale was taking so long. Nice to know that there was a little relief for him and some of the others in this same position.

Sure wish I had some clients that this extension would apply to. However, all my San Antonio real estate buyers were able to close on time. I guess this extension might have swept a few in that for some reason or another were delayed in their closing.

I'm all for the market self correcting and not letting the government meddle in the free market economy. The gov should be working towards boosting consumer confidence and quit spending like there's no tomorrow.

After this summer, I predict that there will be another rally cry for all sorts of new tax credits ... just in time for November's mid-term elections.

I'll say that we'll start seeing cries for a new tax credit starting October 1st. Big government just doesn't see how it's preventing the laws of the free market from stabilizing the market. Paying buyers taxpayer money so they can buy a house? It's borderline socialist.

This extension will hopefully help us agents, clients and even the economy. I can already see more buyers calling. Thanks for this update. Good luck to you.

Kenny - I can't see how this extension would get more buyers calling. It only extends the closing deadline. Only buyers already under contract by April 30 are eligible for the tax credit....

Hopefully this will be the end of the program, once and for all. At least, until some knucklehead in Washington tries to revive it again :)

The extension of tax credit deadline is no surprise. Jay was right to point out that the government must let this thing go sometime. It's turning out to be a vicious cycle. Come September there would be a lot of clamor to have it extended again...

Hey Jay,

Just wanted to say thanks for always keeping on top of the federal real estate related acts/laws. I always try to avoid politics like the plague but your federal act/law updates are quick and to the point. Thanks for always being on top of it!

-Brendan

Glad they extended the deadline for closing to September 30. It seems only fair considering the length of time it takes to close a short sale. Of course there's still a chance that some transactions still won't make it to closing, but like you Jay I think they need to let this thing go sometime.

I was right. I write that in the post u00e2u0080u009cSenate Amendment to Extend Home Buyer Tax Credit Deadlineu00e2u0080u009d for a couple of days ago. The Government, Mr. Obama, Fannie Mae and Freddie Mac are not going to have the June 30 as a deadline day for the Home Buyer Tax Credit. They are going to extend it for 3 months more.

I won't be surprised if it gets extended again. I guess most people don't remember that this program was originally scheduled to end on 11/30/2009 but it got extended at the last minute to the 4/30 contract & 6/30 close dates.

www.google.com is a site that can help you find more information about similair topics.

This tax extension is just what I need. As a small biz owner if more people are moving and buying new homes, that is more work for me.