Who wouldn’t want an $8,000 break on their taxes this year? Lots of first-time home buyers are determined to take advantage of this government tax break by purchasing their homes before the tax credit expires at the end of November 2009.
There’s been a flurry of activity in the real estate market with first-time buyers and it’s estimated that this incentive is responsible for between 200,000 and 400,000 additional home sales.
Many experts believe the real estate activity of the last few months will wane considerably if Congress does not create an extension on the tax credit. However, with housing prices and mortgage rates still very low, many of the country’s 3 million renters will find affordable homes, even if they can’t make the November 30th deadline.
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Good. Let it get rid of the extra inventory so things can begin to get normal again. This has been good confirmation that starter homes and houses under the median value (but not in war zones) are the safest place to invest, whether buying and renting, wholesaling, or whatever.