[jebba]

A realtor told me recently that he thinks there's no way they'll extend the homebuyer tax credit. A different realtor told me he thinks they will.<br><br>
You have to live in your house for 5 years to get the credit on buying a new house. We won't have five years until July 1st. But by then the credit will be gone. Sigh. We missed the cutoff by 2 months.

 

[K]

I think they'll extend it.<br><br>
I wasn't aware that you could take advantage of it after being a homeowner for 5+ years. If that's the case, I hope they push it out until at least the fall. Our house has been on the market for about 6 weeks now. I'm hoping that this deadline will inspire someone.

 

[jebba]

There's a 1st time homebuyers credit for up to $8000, and for anyone else who has lived in their home for at least 5 years and buying a new home, the credit is up to $6500. 10% of the purchase price.

 

[runbill]

It isn't like the housing market has recovered.

 

[fatmantrying]

This Realtor thinks they will most likely extend. They have lots of allocated money yet to spend and it is making a measurable difference in the market.<br><br>
It's also extremely popular here even among buyers who profess their undying hate for Obama.

 

[jebba]

Oh, you're a realtor fmt? By any chance, do you know how exactly they count the 5 year occupancy requirement? We got the title to our house on June 23, 2005. Does that mean we wouldn't be able to sign over title to someone else until June 23, 2010? Could a person have a contract before then but not change title before then? Could we buy a new house before June 23 and still get the tax credit if we don't sell our fisrt house until after June 23rd?<br><br>
I guess those are tax questions and not realtor questions.