Springfield Real Estate News


 

Clock is Ticking on Federal First-Time Homebuyer Tax Credit

Press Release
October 8, 2009

Springfield, Missouri – More than 1.4 million Americans have already claimed the new tax credit for first-time homebuyers, according to a report from the Internal Revenue Service, and in the coming weeks, that number is expected to climb to 1.8 million. The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers, as well as those who have not owned a home in three years, who are purchasing a principal residence before December 1, 2009. Kim Gaisford, Broker/Salesperson with Team 24-7 Realtors, a part of Murney Associates RealtorsÒ, urges buyers to not delay, and put something under contract now.

“It takes on average, at least 30 to 45 days for lenders to push through your paperwork to buy a home,” Gaisford said. “Lenders also will need documentation on everything you put on your application.”

What that means for buyers is that even if the down payment is in the bank and has not been touched, ample time still needs to be allowed for the loan process and to get to the closing table. In the greater Springfield market, homes can generally get to the closing table in about 30 days, which means that if something is under contract in October, and the loan process goes through smoothly, the buyer can still take advantage of the tax credit.

There have been discussions on extending the credit, and calls to do so have been even louder in Washington where housing industry participants are pushing Congress to keep the tax credit in place. Currently there are six bills before Congress that would extend the tax credit, two in the Senate and four in the House of Representatives. The measures run the gamut from extending the program through the end of the year to increasing it to $15,000 and running through 2010. For now though, it is all speculation, because despite the fact that sentiment backing efforts to extend the credit appears to be on the rise, fiscal conservatives are still uncertain, and the primary focus right now appears to be healthcare reform.

“Until something is set in stone, it is best to go ahead and act now,” Gaisford said. “Within the next couple of weeks, it will really be too late to take advantage of the current program, and there is too much uncertainty about an extension right now. For someone to wait and see means that they could very well not get a break at all.”

Team 24-7 are area leaders when it comes to real estate, and after years of both living and working in the Springfield market they want to help as many people as they can - their clients, their friends, and their neighbors - find their dream home and make it their reality.

For more information, contact:

 

Kim Gaisford

Broker/Salesperson

Team 24-7 Realtors

1625 East Primrose

Springfield, MO 65804

417.838.8702

417.823.2300

Kim@team24-7realtors.com


 
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