With only just over 2 months remaining on what has been a wildly successful program it is no wonder that the National Association of Realtors is urging the government to keep the $8,000 First Time Homebuyer Tax Credit program going! Since its inception earlier this year, the $8,000 first-time homebuyer tax credit has brought 1.2 million new buyers into the market—350,000 of whom would not have purchased a home without the credit, according to NAR. The credit expires November 30th - buyers have to close by that date to be eligible - and NAR are trying to get congress to extend the program into 2010 or beyond! As the current deadline for the credit looms, potential homebuyers need to complete a contract, satisfy any contingencies, secure financing and go to closing by November 30th. In today’s market, NAR estimates that it generally is taking between 45 and 60 days from contract to closing. This means that if you are a first time homebuyer you need to act now to make sure you can get in for the credit! There are rumors that some have voiced their opinion that the First Time Homebuyer Tax Credit program should be extended indefinitely or the amount be doubled etc. Also, with organizations like FHA, who have played a crucial role in helping first time homebuyers secure financing, are strengthening their financial position, it seems to make sense that congress could take advantage of the situation and extend the program. NAR has said that in every economic downturn in the past, the housing market has lead the way in stabilization for the economy and it has been shown that this one government program has given a much needed shot in the arm for the industry and for the nation. We will watch this space closely. In the meantime CONTACT US TODAY IF YOU ARE A FIRST TIME HOMEBUYER! Click here to search Ann Arbor Real Estate using our complimentary Ann Arbor Real Estate MLS Search service. Alternatively please contact Kathy Toth and the team if you need more specific assistance in your Ann Arbor Real Estate needs. Search all listings in Michigan with pictures and tours...Free! Kathy Toth & Team: Ann Arbor Area Real Estate Experts www.KathyToth.com Keller Williams Realty