Will the homebuyer tax credit be extended or changed
Lots of buzz regarding whether the homebuyer tax credit will be extended past the November 30th deadline. Currently, it is an up to $8k tax credit available only to first time homebuyers or those who haven't owned a home for the past three years and clearly it has helped the housing industry. So what happens next.
There is some talk of extending the tax credit and changing it to a $15,000 tax credit and include all homebuyers. While the entry level market has been helped by the current credit, the move up market has continued to remain somewhat stagnant and a change to include all homebuyers would help this segment of the housing market.
Now of course, the usual (and obvious) disclaimer, I am a Charleston real estate agent and I would directly benefit from a homebuyer tax credit but I believe my wife and I would also personally take advantage of the tax credit and sell our current home and buy another if we would qualify.
Here's more from Bloomberg.