The tax credit, which was enacted earlier this year, has helped over one million first time home buyers get into homes. According to the National Association of Realtors, an estimated three hundred fifty thousand of those buyers would not have been able to enter the housing market at all without the help of the credit.
NAR President, Charles McMillan has stated that Congress needs to extend the tax credit to help continue the recovery process, citing that the housing market has led the nation out of previous economic downturns. The market has shown solid signs of recovery, and an extension of the tax credit program would only serve to help the recovery continue.
NAR is calling upon its members to write Congress and share with them their success stories over the past year with regards to the tax credit, and ask them to extend the credit to assist more prospective home buyers.
Potential homebuyers looking to enter the market before the current deadline must act swiftly. Escrows are currently taking between 30 and 45 days to close, that is a tight timeframe considering that buyers must secure financing, complete a contract, and meet all contingencies in order to close by November 30.
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