What's Hot: 702,000: DC Sees Population Rise Again In 2024
CNBC: White House Considering Extension of Home Buyer Tax Credit
✉️ Want to forward this article? Click here.
Last week we wrote that time was of the essence for first-time home buyers to take advantage of the $8,000 tax credit. To give you enough time to comfortably get your paperwork filed and beat the crowds, you have just a couple more weeks to find a home and get an offer accepted. Recall that one source, online brokerage Redfin, recommends having an accepted offer by October 1st and closing by November 13th.
That timeline assumes that the tax credit expires on December 1st, as was originally legislated. But there are lobbies, including the powerful National Association of Realtors and National Association of Home Builders, that are pushing for the deadline to be extended into next year — and further, for the credit value to be increased and for qualifying individuals to be expanded beyond first-time buyers to include everyone.
These lobbying efforts have been known for months, but just this afternoon CNBC reported that the White House is now actually looking at an extension of the credit. While it is impossible to know how seriously to treat that single development, it does suggest that the various lobbying groups are making some headway.
Furthermore, in an article entitled New Push to Extend and Expand Tax Break for Home Buyers, today’s New York Times reports that Johnny Isakson, the Georgia senator who sponsored the current tax credit, has introduced a new bill that is even broader. Isakson apparently believes that an extension and expansion of the tax credit is central to a robust economic recovery. “Without a new and more generous credit, he warned, there would be a downward spiral of home sales and more foreclosures, provoking a second recession,” writes The Times.
We’ll keep watching the situation and let you know of any major developments.
See other articles related to: dclofts
This article originally published at https://dc.urbanturf.com/articles/blog/cnbc_white_house_considering_extension_of_home_buyer_tax_credit/1318.
Most Popular... This Week • Last 30 Days • Ever
If the home ultimately sells for around that list price, it would set a record as the... read »
The federal government could be shut down by the end of today, and that shutdown coul... read »
Right on the heels of a $29 million home along Foxhall Road going under contract to T... read »
New data shows that DC continues to make up for population losses experienced during ... read »
The 16,250 square-foot home along Foxhall Road NW owned by Fox News anchor Bret Baier... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro