Austin Real Estate Agent Warns That $8000 Tax Credit is Set to Expire.
Austin real estate broker and author Kenn Renner reminds first time homebuyers that the $8000 federal tax credit will expire November 30th, 2009. In February 2009, President Obama signed into law the American Recover and Reinvestment Act of 2009. One of the key components of the act was the $8000 First Time Home Buyer Tax Credit. Basically, a gift from the federal government to be allocated to qualified first time homebuyers. The act has been received favorably by consumers, real estate professionals, and homebuilders. The National Association of Realtors recently reported that 53% of todays homebuyers are first timers. Experts give credit, in part, to the $8000 tax credit. Low interest rates and low prices have also played a big part in the home buying activity.
Buying a first home at the right time is always a good move, comments Kenn Renner, real estate expert with Keller Williams Realty.