Less Than 48 Hours Remain For Those Hoping to Take Advantage Of The First Time Home Buyer Tax Credit.

1st Time Homebuyer $8000 Tax Credit

It does not feel like the November deadline for the $8000 tax credit was that long ago, but now another deadline is upon us.  We at Brick Home Partners have been getting a lot of questions, hopeful questions, as to the possibility of the tax credit being extended for those not quite ready to buy a home by the April 30th deadline.  While some in the real estate industry have been lobbying Washington to extend the tax credit once again, the deadline on Friday April 30, 2010 remains.  Unfortunately, I will call it and say that it looks as though there will be no extension this time around, so for those that missed the boat this time around it may be awhile before you see another program like this.

Did The Tax Credit Program Work?

It will be a little while before we see the final numbers because homebuyers are still able to claim their money if a binding sales contract is signed by April 30 and then close on the home by June 30 of 2010.  According to the National Association of Realtors the tax credit is projected to have added 2 million first-time buyers in 2009 and be adding another 900,000 in 2010, plus 1.5 million repeat buyers who took advantage of the $6,500 second time homebuyer tax credit.

While the tax credit did play an important role in helping to revive the debilitated housing market across the United States, low interest rates, favorable lending terms, and low home prices were also huge factors which will remain (at least for the time being).