Homebuyer Tax Credit Extension, Will it Happen?

There is a LOT of misinformation out there right now as regards the status of NAR’s efforts to extend and expand the homebuyer’s tax credit.  Between inaccurate reports in the media and the speculative discussions around the office water cooler and through various social media networks, the variation of stories continues to grow.

As of 2:30 p.m. this afternoon, here is the latest word directly to me from our NAR lobbyists on the Hill:

“We expect the Unemployment Insurance bill with the Homebuyer Tax Credit Extension included to pass the Senate this evening.   It will then be brought up in the House, possibly as early as tomorrow.  From there, it will go to the White House for the President’s signature.   The new unemployment figures are going to be released on Friday, so we would not be surprised if the President signs the bill Friday also.
First time buyers will continue to get an $8000 credit; move up buyers will get a $6500 credit.   Income limits will now be $125k for a single filer and $225k for joint filers.  The sales price of the home purchased may not exceed $800k.

The credit will be extended until April 30th.  A purchaser must have a signed contract by April 30th and then settle by June 30th to be eligible.