Quincy Tax credit for first time homebuyers, Could it get extended?

Quincy Real estate agents are very busy these days as they are trying to finalize deals with clients who want to take advantage of the federal tax credit for first time home buyers. The tax credit for first time homebuyers will expire on November 30th, 2009.

Will this tax credit get extended? – that’s the question everyone in the real estate industry is asking. Extension of the first time home buyer’s credit could mean all the difference in the world to a Quincy FHA buyer.

The National Association of Realtors and the National Association of Home Builders are engaged in campaigns so that the tax credit can get extended.

Also, it has been noted that the delegations of home builders as well as realty brokers have begun descending on district offices in order to inform the higher authorities how beneficial it was to introduce the tax credit. Due to this tax credit, a large number of people have been interested in buying property even during recession.

Apart from this, there have been positive economic effects on the local businesses. The tax credit had also helped in generating new jobs and providing the local government with additional tax revenue.

Thus, we can hope that some sort of extension would take place regarding the federal tax credit for first time home buyers. But I don’t think the government would announce the extension of tax credit before November 30th.

Also, we should not expect that the government would provide us with a bigger credit, or broaden the concept of tax credit to cover all buyers next year.

You can be sure that legislative policy makers are trying to get an extension passed. Anything that political figures can do to ease all the Quincy foreclosures will make them look really good when election times comes around.

Story contributed by Mortgagefit.com

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