Over the last few days hundreds of real estate bloggers and even professional newscasters have reported that the First Time Home Buyers Credit had been extended. The headlines said “Jump for Joy Tax Credit Extended” or “You Still Have Time-$8000 Credit Extended.”
Unfortunately as of the date of this post the $8000 tax credit has not been extended. In fact there are two bills that needed to be reconciled and then sent to President Obama for his signature. The posts have made me gnash my teeth and perhaps it is because I grew up in the DC area the high school government class on how a bill becomes a lawis firmly engrained in my head.
If you are a Northern Virginia buyer anxiously awaiting news on whether $8000 tax credit is extended you can track the two bills HR 3548 and S 1699 at www.opencongress.org. Set up alerts to be notified of the actions being taken on both of the bills. You could become one of the first to know when the bills are reconciled and sent to President Obama for signing.
If you are looking for a new home to buy, keeping looking. Don’t let the tax credit be the only reason you want to own your own home. With interest rates still at a historic low and prices in some areas significantly lower than they were a few years ago the reasons to buy a home go deeper than a tax credit. Now could be a good time to buy a home with or without the tax credit.