[Editor's note: This blog has moved to its official and permanent home at AtHomeInThePoconos.com.]
According to the Aug. 2009 National Assocation of Realtors (NAR) Housing Opportunity Newsletter, legislators won’t consider extending the $8,000 first-time homebuyers’ tax credit “until they have disposed of the health reform legislation,” perhaps in October. Uncertainty over the possibility of an extension so close to the Dec. 1, 2009 expiration date has prompted the NAR to recommend that members “complete pending transactions as soon as possible.”
Prospective first-time buyers who’ve been sitting on the fence still have time to take advantage of the credit. In order to be eligible, your sale must be completed before Dec. 1, 2009 (for new construction, you must take possession before Dec. 1). In practical terms, you must close on or before Nov. 30. Because of new mortgage-industry regulations that could cause closing delays, play it safe. Plan to have your home under contract by Sept. 30–earlier if you anticipate a complicated transaction.
