Tax credit – Going, going, soon to be gone

There are only five days left to qualify for the federal homebuyer tax credit. Yes, you heard that right – only FIVE MORE DAYS before the $8,000 tax credit for first-time buyers and the $6,500 tax credit for long-time homeowners expires on April 30!

To claim the tax credit, people must buy, or enter into a binding contract to buy, a principal residence on or before this Friday and must close on the home by June 30, 2010.

How much of an impact has the federal tax credit had so far?

Affordable housing prices coupled with the tax credit, have prompted many, particularly  first-time buyers, to make the leap to homeownership. In fact, first-time buyers purchased 44 percent of homes last month, up from 42 percent in February, according to a National Association of REALTORS® survey.

The National Association of REALTORS® has estimated that 4.4 million American households will have benefited from the original and extended tax credit by the time it ends.

Housing continues to be a good long-term investment and according to a recent Fannie Mae Housing Survey, two-thirds of respondents said now is a good time to buy a home while 8 in 10 said homeownership is important to the economy.

One part of the equation – the tax credit – will soon be gone, but there are still plenty of reasons to buy a home now, before mortgage rates and prices begin to climb.

Still have questions about the tax credit? Find information at YourIllinoisHome.com or at the Internal Revenue Service website, www.irs.gov.

One thought on “Tax credit – Going, going, soon to be gone

  1. Pingback: Tweets that mention Tax credit – Going, going, soon to be gone -- Topsy.com

Leave a Reply

Your email address will not be published. Required fields are marked *