Federal Homebuyer Tax Credit Deadline Tomorrow!
The deadline is here. The federal homebuyer tax credit opportunity will almost surely be gone by the end of the business day tomorrow (June 30th). Despite pushes by states like Massachusetts and organizations like the National Association of Realtors® (NAR) to once again extend the tax credit, it is unlikely that Congress will make such an amendment.
According to the NAR, up to 180,000 home buyers will miss out on the tax credit. NAR President Vicki Cox Golder told LoanSafe.org that these buyers will miss the June 30th deadline through no fault of their own. “These are not buyers who just entered into the market. These are buyers who previously met all the qualifications for the tax credit, but find themselves at the mercy of a workflow jam with lenders or other delays…” said Golder. “It would be a tragedy for them not to be able to complete the purchase in time to claim the credit.”
The NAR is pushing hard for Congress to quickly pass some legislation to extend the tax credit deadline, but many believe they will not be inclined to do so. The Massachusetts Association of Realtors is asking for a 90-day extension, giving buyers until September 30 to finalize their deals. But the Wall Street Journal is reporting that although Congress did extend the tax credit last fall, they feel it is unlikely to happen this time.
So how is this affecting us locally? Well according to NAR estimates, approximately 400 home sales in the state of Vermont will miss the deadline. That inevitably means that some folks here in the greater Burlington area, Chittenden County, and the rest of Vermont are going to be affected. And although we won’t know for certain until the end of the business day tomorrow, it appears June 30th will be the final deadline.
