Will Cogress Extend The $8,000 First Time Home Buyer Tax Credit?
Most Realtors and first-time home buyers in Port St. Lucie are eagerly waiting for the Senate to reconvene to see if the IRS $8,000 tax credit to first-time home buyers will be extended. A first-time home buyer can be someone who has not owned a home in the last three years. Currently, the buyer has to close on a home by November 30, 2009, meaning they have little time to go find a home, go to contract, and close on that home.
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According to Allison Ables Trulia blog, a real estate agent in Gainesville who quotes an article in the Las Vagas Sun, Senator Harry Reid, who is the Senate Majority Leader, says he expects the credit will be extended. The National Association of Realtors has been lobbying for its extension. They also want the credit to be given to all buyers and to lift the income limitations of $75,000 per single person to $150,000 per married couple from the credit criteria. Reid thinks that might not be as easy to accomplish. Port St. Lucie sorely needs this extension to help keep our housing recovery on track. We will be entering our season when many Northerners will come into our area to look for the good deals they have been hearing about, and many of them will be first-time home buyers
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