Should the $8,000 First-time buyer tax credit be extended?

With just over a month left go to if you want to be able to claim an $8,000 tax credit, many are talking about extending the program. Some people think the recent uptick in the market is due to this credit, and fear that letting it expire will mean the end of the recovery. According to industry news, some lawmakers are not only tyring to extend the program’s timeline, but also it’s reach.

Many Realtors are using the November 30th deadline to create a sense of urgency in their buyers, but what happens when the credit is over? If it is extended will buyers who went through with the purchase feel cheated? They rushed to close the purchase on time, and then they find out they could have had more time, or even more money?

Nobody knows right now for sure what will happen. I don’t think the credit will be extended, even though I would like if it were. I know that if it truly does end, the market will feel a little bit of a letdown, but I hope that will be short lived. The National Association of Realtors is lobbying to keep the credit going!

What do you think? Should they extend the tax credit? Make it bigger? What do you think will happen if it is gone, or if they do decide to extend it? I would love to hear your thoughts!

For the National Association of Realtors’ take on the issue, read Lawrence Yun’s article here.

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