Credit for First-time Homebuyers

It's hard to believe that the Labor Day weekend is around the corner and summer is almost over! Having said that, in the Valley of the Sun it will be "officially" over with the passing of the holiday weekend but we still have a couple more months of summer to endure! I'm looking forward to the return of comfortable "summer" nights when I can sit on my patio and enjoy the delight of Arizona sunsets!

With the passing of the Summer 2009, I have another passing/deadline to remind you of! The "First-Time Home Buyer Tax Credit" is scheduled to end on November 29, 2009. There are bills in both the House & Senate to extend this deadline and there is talk of increasing the credit. I am all for extending the deadline. I think that this has been a huge boost to real estate and in getting the inventory moving but I'm not for increasing the credit. What would the incentive be to buy now if you think that the credit will increase in 6 months? Also, it hardly seems fair to the wonderful first-time buyers whom I have had the privileged to work with this summer to find out that the credit might have been greater had they waited. Maybe a better solution, one that would encourage everyone to consider home ownership or "moving up", would be to extend the deadline and offer a tax credit to all home buyers.


Thoughts?