Extension of the Homebuyer Tax Credit to First Time and Existing Homebuyers

Here we go folks!!!  I suspect we are about to face a firestorm of controversy and business as the Homebuyer Tax Credit is set to be extended not only to First Timers but also to "Existing Homeowners". 

I know that some in the AR community have been reluctant of this program but it has done wonders for the Arizona market.  I support and look forward to the extension especially for the fact it is inclusive of the existing homeowners.

"The Senate today voted to extend and expand a tax credit for home buyers as an added boost for the recovering real estate market, and also approved a provision to continue giving aid to the long-term unemployed.

The measure, adopted on a strong bipartisan vote of 98-0, also would extend and expand a tax benefit for businesses with losses. The House is expected to follow suit within days, and President Obama is expected to sign it into law.

To keep fueling the real estate rebound, the legislation would extend the $8,000 tax credit for first-time home buyers to April 30. It now is set expire at the end of the month. More importantly, it also would provide a new $6,500 tax break for existing homeowners who want to move up to a new home, as long as they have lived in their current residence for five consecutive years out of the last eight."

Comment balloon 4 commentsTed Canto • November 04 2009 07:03PM


I think the credit to existing homebuyers will definately help our business.  Hope that one passes!

Posted by Judy Greenberg, Coldwell Banker - Buffalo Grove - Long Grove Homes (Coldwell Banker Long Grove) about 11 years ago

Hi Judy.. I am a bit more excited about that than the First Timers..

Posted by Ted Canto, Arizonan #1 Mortgage Lender (American Mortgage Network) about 11 years ago

The First Time Buyer Credit was wonderful in some markets.  It didn't do much for the Arizona White Mountain Market because there aren't that many permanent residents in our area or First Time Buyers who can afford to own.  It will be interesting to see if this passes whether the addition of the Existing Home Buyer credit will help revitalize our market.  It can't hurt that is for sure.  Let us hope it passes.   

Posted by Sandra Paulow, REALTOR, Associate Broker, GRI, SFR (Aspen Properties, Inc. ) about 11 years ago

Yes let's hope. I have a feeling this will make a difference.

Posted by Ted Canto, Arizonan #1 Mortgage Lender (American Mortgage Network) about 11 years ago

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