Waiting for Homebuyer Tax Credit Extension

The federal government's first-time homebuyer tax credit is scheduled to expire Nov. 30. The credit, part of the Obama administration-backed economic stimulus package, rewards Americans up to $8,000 for buying their first home.

Work is under way in the Senate to extend the credit.

Housing industry insiders fear the residential market's recovery will likely be hurt if the tax credit expires. The National Association of Realtors claims first-time buyers account for 50 percent of all sales.

Congress is moving toward extending, expanding or replacing the tax credit. The Senate is expected to vote soon on a bill co-sponsored by Georgia Republican Johnny Isakson that would extend the deadline five months to April 30, 2010, and make the credit available to all new home buyers, not just to first-timers.

The new legislation would extend the $8,000 credit for first-time buyers and create a $6,500 credit for others so long as they have owned a home for at least five consecutive years since 2001.

Cincinnati area Realtor Michelle Sloan says, "Extending the credit and expanding it to all homebuyers will have a positive effect on the local and national economy. The extension will give buyers time to save money for downpayment and find the perfect home for their needs."

Headed to BNI networking meeting. Great way to increase business. Want to join me? Next week is visitors day.

A few new listings this week on my site. Check it out. Also, a nice amount of traffic expected in the comings days.
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Testimonial for Sibcy Cline Realtor Michelle Sloan

I wanted to send you a note and let you know what a wonderful job Michelle did to sell my house. Michelle persevered through a very difficult situation initially, and handled it both professionally and with great patience. Since then, she has been excellent in her marketing strategy. She made sure all the new photos of the house made a good impression for the brochure and web advertising, put together a wonderful presentation in the subsequent brochure, hosted Open Houses, posted advertisements on all available media, and suggested price changes at the most appropriate intervals to “freshen” the placement of the listing.

I thank Michelle for all her efforts and Sibcy Cline as well for its role in the sale of the house.

Thank you so much!

Marsha T.

When you are ready to sell your home in Mason, call Sibcy Cline Realtor Michelle Sloan at 513-600-5277 or msloan@sibcycline.com

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One one week left to take advantage of the current first time homebuyer tax credit! Contact Sibcy Cline Realtor Michelle Sloan for details and info.

Fall "To Do" Checklist

Your Home Fall Checklist:

Air Duct Cleaning

Carpet Cleaning

Chimney Cleaning

Furnace Clean and Check

Gutter Cleaning

Window Cleaning

Winterization

Yard and Landscaping Cleanup

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Call SIBCY CLINE HOME SERVICES @ 513-985-5565 to beat the fall rush.
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Extend the Tax Credit

Extending the First-Time Home Buyer Tax Credit, due to expire at the end of November, is high on the Democratic Congressional to-do list, legislative aides said.

After last Wednesday's meeting with President Obama and House Speaker Nancy Pelosi (D-Calif.), Senate Majority Leader Harry Reid (D-Nev.) released a statement that the government should, "continue efforts to strengthen the housing market by extending the home buyer tax credit."

Mark Zandi, chief economist at Moody's Economy.com, who is a consultant to Democrats in the administration and Congress, is advocating extending the credit through August and making it available to all home buyers. He said failure to extend the credit just as more foreclosures enter the market will push housing prices down.

Also, the House is expected to pass legislation to extend the credit through 2010 for people who have been out of the country in the military, intelligence, or foreign services.

Source: The New York Times

"Let's hope this is true," says Realtor Michelle Sloan. "There are too many buyers out there who want to take advantage of this tax credit but can't for a number of reasons. They may not have enough money for down payment and closing costs or they could be waiting for the acceptance of a short sale offer from a lender - which takes up to six months to close".

Ask your congressman to extend the home buyer tax credit and make it available to all home buyers!!