People ask me everyday whether or not the tax credit for first time homebuyers will be extended. There has be a considerable effort in the House to get the First Time Home Buyer Tax Credit extended, as well as expanded. Last week the House passed a bill extending the $8,000 tax credit into next year for military, diplomatic and intelligence workers who have been working overseas. This bill’s passage leaves many hopeful that an extension for regular first time home buyers will pass as well. Clearly the credit has helped many of my buyer clients in the Andover area purchase their first home and my story is repeated across the nation. While there are some who feel the tax credit for first time home buyers should expire on November 30 as scheduled (consider this Boston Globe Commentary)….many economists and housing experts, myself included, strongly believe extending the tax credit will be instrumental in stabilizing not only the housing market but the economy in general. Read this insightful commentary by Gary Rogers, President of the Massachusetts Association of Realtors.
For the latest from Realty Times regarding the tax credit click here.
