SellAustinTexas

Now is the time to claim the $8,000 tax credit the government is offering to first time home buyers, and those who haven’t owned a home in three years. Buyers must close on their homes before November 30 in order to claim the $8,000 tax credit.  Experts are predicting that with big budget gaps in Congress, the government is not likely to renew this highly successful program.

If you buy in the next two weeks, our mortgage partner, Joe Brown of Sente Mortgage, can complete most conventional loans by the deadline to receive the tax credit. You can contact him by clicking the on the above link or contact us today with any of your questions. Don’t miss out!

Much of the recent boost to Austin’s housing market recovery has been the tax credit offered to new homebuyers. Now that credit is coming to an end, but the assistance would still be helpful to many people now and in the immediate future. There are many, including the National Association of Realtors, that are pushing to get this credit extended.

Yesterday, Ron Phillips, Vice President of the NAR, testified at a hearing before the senate committee on the tax credit and other issues. You can read the transcript here.

He quotes Arun Raha, chief economist for the state of Washington, who was quoted in the Seattle Times saying: “every 1,000 home sales generate $112.4 million of economic activity with $71.9 million of it directly from home-sale preparation and the actual real-estate transaction. In addition, more than 700 new jobs are created. This is not a balance-sheet bailout, it’s real help for our neighbors and communities.” Phillips continues to point out the ‘trickle-up’ effect, that is, new home buyers allowing current homeowners the chance to purchase another home. As Raha says, “[these] purchases spark a surge of home buying that ripples across the economy and into the future. Most of their purchases are homes that someone else has been waiting to sell so that they, in turn, can purchase another house.”

NAR President Charles McMillan released a podcast on the issue, also available as of yesterday – You that podcast is available here. As he has said, “housing has always led this nation out of economic downturns, and can do so again.”

If you want to help, there is a video and message available along with an easy form to fill out to alert your representatives of your support. Also, it is not too late to take advantage of or tell a friend about the current tax credit and low interest rates for homebuyers.