The housing market is one of the key economic forces in the USA. Traditionally it is the engine that pulls us out of bad economies. That is why congress enacted a tax credit for first time home buyers of up to $8000. And in comparing the sales numbers for Arizona real estate to those from before the tax credit was enacted, the plan worked. The tax credit has stimulated sales, and this in turn stimulates the economy.
Ah but all good things must come to an end. In fact, if you don’t get under contract right now (or more realistically if you are not already under contract), you will miss this window of opportunity. The tax credit is only good for homes purchased before the end of November 2009. Once it is gone, it is gone.
We know that this tax credit is encouraging people to buy homes that might not have otherwise. And we know that this stimulates our depressed economy. So wouldn’t it make sense to extend this tax credit?
Now it is up to you - the average citizen to contact your elected representatives and tell them you want the tax credit extended. As a real estate professional I have already contacted my representatives, as many of my colleagues have. But we need your help too so that we may extend the first time home buyer tax credit.
