This isn't HUGE news, but it's BIG news. As you all know, the homebuyer tax credit has ended. Well, almost. You had to have a home under contract by April 30th and close on that home by June 30th to qualify. There are a number of buyers out there right now that have met the first requirement, but as we tick on down to the 30th of June are getting antsy about whether or not they'll make the second (closing by the 30th of June). Right now there is a proposal in Congress, that if passed would extend the closing requirement by 3 months to September 30th.
So if you missed out on the tax credit by not having something under contract by April 30th, I'm sorry, there's nothing here for you . . . But if you're one of thousands of homebuyers that have something under contract, hold out hope that either you'll get your transaction closed by June 30th, or if you miss that, that Congress will pass this and you'll have a reprive until September 30th. Stay tuned, as I know more, I'll let you know.
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