Tuesday, October 6, 2009

First Time Homebuyers Tax Credit

As a REALTOR actively working with buyers in the Antelope Valley (Palmdale/Lancaster/Rosamond) of California, I have a quite a few buyers actively looking for their first homes.

On June 10, 2009 a bill to extend the first time homebuyer tax credit was introduced in congress. You can track its progress at http://media.causes.com/ribbon/558269 -- this is Bill H.R. 2801

A tax credit of any type would be helpful to buyers. Many of the homes currently available in our area are older homes, many needing new carpet, upgraded kitchens, paint, landscaping and a myriad of other things. Though homes may qualify for an FHA or Conventional loan, the home will still need more work. Several of my buyers who closed earlier in 2009 actually re-filed their 2008 tax returns to obtain their tax credit for miscellaneous repairs and landscaping items.

I know that I may look at the world sometimes with rose colored glasses, I think that encouraging homeownership is a good thing. With lenders foreclosing on more homes, we need to encourage the existing buyer pool to purchase now.

Panic is setting in with buyers. We are in the 2nd week of October, and with properties taking a minimum of 40 days to close escrow with a traditional loan, we are very close to not being able to close on or before December 1st 2009, the current deadline on the existing program.

However you feel, take a moment and let your congressperson know.

Tamara Stoebe, REALTOR, QSC, e-PRO
DRE License #01827461
TROTH GMAC REALTORS
1801 W. Ave. K
Lancaster, CA 93534
Cell: (661) 466-6849
Fax: (661) 422-3006
E-mail: Tamara@TamaraStoebe.com
Website: www.TamaraStoebe.com

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