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April 2010 Louisville Home Buyer Tax Credit Extension sparks debate! By Bob Sokoler We Sell Louisville
By Bob | April 15, 2010
By Bob Sokoler, We Sell Louisville: Will the home buying tax credit be extended past April 30, 2010? Hundreds of thousands of Louisville home buyers and sellers are hoping to hear the word “yes”! The debate among realtors, lobbyists and politicians has already started. Not much is being said publically, but the battle lines are being drawn even as you read this. The facts from the trenches (those of us who are active realtors like our Medley Sokoler team) are clear. Thousands of Louisville home buyers are taking advantage of the governments $8,000 (for 1st time buyers) and $6,500 (for move up buyers living in their current home 5 or more years). I can tell you 40-50 percent of our sales are directly attributed to people buying Louisville homes only because of the tax credit. Under the current guidelines, April 30, 2010 is the last day to write a contract and get it accepted (the home will have to close by June 30th 2010 to qualify for tax credit).
The pro extension groups point to several reasons the Tax credit should be extended:
1) Offset the Federal Reserve ending its program of buying mortgage backed securities.
2) Offset the recent rise in mortgage rates
3) It could prove to be a smart political move in during election year.
4) Already one million homes have been sold to date, largely due to the tax program.
5) The new HAFA short sale program will mean the short sale deals are gone. Banks will only except 8-10% of market value of a home (instead of 20-28%).
So far there’s not much talk being heard from Capitol Hill. But we expect that to change as the April 30 deadline approaches!
I hope you enjoy reading these blogs as much as I enjoy writing them! If you have any questions about Louisville Real Estate as a buyer or a seller please e-mail me directly at bob@bobsokoler.com , call me (502) 376-5483, or visit our websites www.weselllouisville.com or www.louisvillehomestoday.com
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