As the door slams shut on the current tax credit, which new windows of opportunity will be opened?

By
Real Estate Agent with Better Homes and Gardens Real Estate Metro Brokers

Which window of opportunity will be opened?We all know about the impending November 30 deadline for getting a transaction completed for eligible purchasers to qualify for the federal tax credit.

Realistically, if a house is not under contract as of today, it probably will not close in time and the chances are that the opportunity to get the first-time homeowner's tax credit in its current form will be lost.

However, the market is not robust enough to support a complete recovery without incentives, so it is likely that some new opportunities will be created for buyers. In the meantime, we are in no-man's land until something concrete is enacted.

And so we wait ... and hope!

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Comments 22 New Comment

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Rainmaker
629,967
Don Rogers
Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes
Keller Williams Realty Chesterfield

Richard,

I am thinking that we will not be hearing much about another tax credit for home buyers until after the first of the new year.  The White House at that point will have enough of the health care issue out of the way and going on to ohter things.

October 15, 2009 12:55 PM
Rainmaker
499,449
Lisa Wetzel
CDPE, SFR carsonvalleyland.com
RE/MAX Realty Affiliates

Richard - Thanks for the post.  You are right!  We keep looking and waiting.  My guess is that they will not bring anything out until after the holiday!

October 15, 2009 06:57 PM
Rainmaker
573,465
Terry & Bonnie Westbrook
Westbrook Realty - Grand Rapids Forest Hills MI Re
Westbrook Realty Broker-Owner

lots of rumors out there my guess they will wait until the 11th hour to approve any extension.

October 15, 2009 09:11 PM
Ambassador
1,620,087
Richard Weisser
Richard Weisser Coweta Newnan Homes for Sale
Better Homes and Gardens Real Estate Metro Brokers

Roy...

Thanks my friend, I really appreciate it!

Claudette...

After all, they ARE politicians! THX

Dorie...

I know you'll make the deadline! Because it NEEDS to! Thanks for chiming in!

October 15, 2009 09:33 PM
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Ryan Shaughnessy
Broker/Attorney - Your Lafayette Square Real Estate Partner
PREA Signature Realty - www.preasignaturerealty.com

Richard - There are still opportunities out there that can close before the tax credit expiration date.  For example, deals with seller financing, developer financing deals, etc.  But, I agree with the premise - get on the stick before it is gone.

October 18, 2009 06:06 PM
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Additional Information

Author Bio: Richard Weisser is a Georgia real estate broker, licensed auctioneer, and has been writing about Georgia Real Estate since 1999.

Coweta Fayette Real Estate offers opinions and helpful information to consumers and real estate professionals in the Coweta County Georgia area.

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