The Federal Tax Credits Blog

Question: Do you think the Existing Home Buyer Credit will be extended?

We purchased our house in September 2005 and just missed the cutoff of being in our home for 5 years to receive the $6500 tax credit.

With the news os the real estate market crashing low again since the credit is about to expire, does anyone think they will extend again?

I’ve have read mixed reviews on this.

My wife and I want to sell real bad but would rather wait fore this extra incentive than to sell and get nothing.

Answer: It’s unlikely that they will extend the credit again – unless the housing market really takes a beating in the coming months. The winter months are always rough in the real estate market, even with the credit. Probably a combination of the colder weather and the holidays and people just not that interested in house shopping. Expect the market to really pick up in March and April as the weather gets better and the current April 30 deadline to be in contract approaches. If the credit is extended, I would expect it to be a lower amount and possibly not include the credit for non first time buyers.

Remember Jumbo Loans? They’re Back!

With little to no fanfare, it appears jumbo loans are not only getting cheaper, they’re getting easier to obtain. After several years of stagnation in high-end housing, thanks to the disappearance of the jumbo market, things are moving yet again.

Zeitgeist Addendum

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