Good News for Buyers - Tax Credit Deadline Extended
Nothing like waiting until the last minute! Nonetheless, there are many happy home buyers who were anxiously waiting to know whether the tax credit would be extended, so they could close on their home. Although I personally made it to the end of June with all my home buyers able to close and take advantage of the tax credit, some Realtors and lenders were nervous their clients would not be able to qualify for the tax credit if they did not close by June 30th.
One lender I spoke to today said one of her loans funded at 5:28 last night and there were 300 other wires ahead of hers at the Title Company. The Title Company said they had to receive her wire for funds by 5:30. Now that is truly last minute.
This has been a wild ride and while no additional home buyers can take advantage of the tax credit, at least those who had their contracts signed by April 30th can rest a bit knowing they have some additional time to close. Sometimes it's only a matter of 24 hours, so the few extra months will help relieve some stress and anxiety for buyers, lenders, title companies and Realtors across the nation.
Now, back to business as usual.
The tax credit was a great thing for the housing market. You just hope that agents did not rely on it so much that they do not know how to sell or help their buyers because go forward because the incentive is gong. I like what you said at the end, "Now, back to business as usual." Let the "usual" business proceed!
People will still be buying homes even with no tax credit. Although it did add a great incentive. Adapt and overcome. People purchased homes before the tax credit and they will continue to after it is gone.
Yeah I really agree that tax credit is a great thing but rather some people are taking advantage of it claiming some other credits for the same property that someone owns.
We did not rely on it too much, and we knew it was coming to an end so we just worked harder to increase our marketing. We were glad to see our numbers stay strong after it went away. I wish the rates would do more for buying.