ERA Gallery Homes Real Estate Reminds Residents Time is Running Out on First-Time Homebuyer Tax Credit
Urges Community to Support Extension of Tax Credit
Anchorage, AK (Grassroots Newswire) September 28, 2009- People considering
the purchase of their first home may be missing a valuable opportunity if
they delay much longer, according to Suzan McCready, local ERA®
representative. The American Recovery and Reinvestment Act of 2009
included an enhanced First-Time Homebuyer Federal Tax Credit, a housing
stimulus that provides a maximum tax credit of $8,000 for first-time home
"The credit is due to expire November 30, and given the time it takes to
find a home, secure financing and close on a property, potential buyers
should act without delay," Suzan McCready said. However, Suzan McCready
points out that to be eligible for the tax credit, qualified first-time
buyers must purchase and reside in the principal residence before December
1, 2009. Other eligibility requirements apply, including income limits,
but individuals who exceed the limit may be eligible for a partial credit.
Buyers should seek advice from a professional tax advisor for specific tax
Since its inception earlier this year, the $8,000 first-time homebuyer tax
credit has brought 1.2 million new buyers into the market, 350,000 of whom
would not have purchased a home without the credit, according to the
National Association of Realtors® (NAR), a leading advocate for
homeownership and housing issues.
"ERA Real Estate has joined forces with NAR and our other colleagues in
the real estate profession to petition Congress to keep this recovery
going by extending the tax credit through 2010," Suzan McCready said.
"Housing has traditionally led our nation out of economic downturns, and
can do so again."
Suzan McCready noted that, while there are industry efforts underway to
extend the tax credit deadline for first-time buyers, and others to expand
its scope to include move-up and repeat homebuyers and remove or adjust
income qualifications, the outcome of the lobbying campaign is by no means
"Consumers can assist in this effort by writing to their Senators and
Representatives to tell them of the successes with the tax credit thus
far, and urge them to extend it now," Suzan McCready continued.
Consumers interested in extending the homebuyer tax credit legislation
should contact their representatives in Congress directly, or go online to
NAR's Realtor Action Center
and use their easy-to-use communications tool to contact their elected
officials in Washington, D.C. The letter provided by NAR can easily be
modified to come from a consumer rather than a real estate professional.
"We must impress upon Congress the importance of extending the homebuyer
tax credit legislation in order to accelerate, expand and sustain a
broader economic recovery," Suzan McCready concluded.
To find out more about the American Recovery and Reinvestment Act
temporary federal income tax credit for first-time homebuyers and whether
it may be available to you, contact your tax professional or legal
adviser; and contact ERA Gallery Homes Real Estate in Anchorage at
email@example.com or 9075623638 to find your new home.