Selling Your Minnesota Home? The Clock is Ticking.

Filed in Uncategorized by on October 13, 2009 0 Comments


Action Alert message from the Minnesota Association of REALTORS®

The above video discusses the pending expiration of the first-time home buyers tax credit.  Here are a few highlights of the video:

  • The first time home buyers’ $8000 tax credit is expiring November 30th, 2009. This means that buyers who want to use this program must close on any house purchase by this time. In other words, if you want to take advantage of this program, you will need to start shopping for a Minnesota home right now.
  • Interestingly, only 9% of all REALTORS have responded to this alert. The National Association of Realtors wants to continue this program through 2010 and expand it so more people will be able to take advantage of it. The NAR considers the first-time home buyers tax credit to be a success. Sales increased dramatically immediately after the legislation was passed. Low prices and low interest rates have been conducive to increased real estate sales activity, but the tax stimulus has been instrumental in opening up home ownership to Minnesota home buyers and buyers in all parts of the country.
  • About 16,200 Minnesota home buyers have used this, and another 50,000 buyers will be able to qualify for this program before it concludes on the end of November.
  • If this program disappears, it will make it more difficult for Minnesota home sellers to sell their property. The real estate market is improving, but it has not yet corrected itself.

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