The First Time Home Buyer Tax Credit is currently due to expire at midnight on November 30, 2009. Reports of Congress debating the merits of extending the tax credit until some time next year or expanding it to include more than just first time buyers, so far are just reports and bills in committee. In the Eugene/Springfield area, mortgage interest rates have been hovering near the low points. Combined with lower home prices, this could be the perfect time to buy.

In recent testimony with the Congressional Small Business Committee, NAR (National Association of Realtors®) that the best thing for the housing market was to extend the tax credit. They also stated that one of the worst things for the housing market was the HVCC (Home Values Code of Conduct). We applaud the NAR for their efforts and hope they succeed, but for now are expecting that the deadline, is the deadline.

The NAR is trying to keep the housing market moving, and obviously, it has worked with months of inventory dropping nearly a full month recently. If the tax credit is extended and you bought before it was to expire, have you lost anything? What if it isn’t extended and rates and prices go up? To find out more about how you can help our local housing by becoming a First Time Home Buyer, call me and let’s talk about your options, 541-342-7576/541-221-3455 or e-mail me. I am always happy to help you.

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