Will The First Time Home Buyer Tax Credit Be Extended-Mooresville NC and Lake Norman NC Buyers Will Benefit

As reported today by Inman News, the National Association of Realtors along with the National Homebuilders Association and the Mortgage Bankers Association are making a final push for the extension of the first time home buyers tax credit due to expire on November 30th. Sen Johnny Isakson plans to tie the issue into the extension of unemployment benefits. Two hearings will be held this week to debate the issue of extending the tax credit.

The National Association of Realtors estimates that the existing tax credit helped get about 335,000 first time buyers "off the fence" and that an extension will help to move healthy renters into the home buyer pool as interest rates remain low, inventory high  home prices fall. It is estimated that over 16million of these healthy renters can afford median home prices when purchasing a new home. The result would be that even if 5% of these renters were nudged by the tax credit it would mean an additional 800,000 plus homes sold in the coming year. Sen Isakson would also introduce a move to have income limits raised for both singles and couples.

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