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I have the pleasure of serving the Realtors of Nebraska as a Director at  the National Association of Realtors.  There has been a flurry of activity the last 48 hours pertaining to the potential extension of the First Time Home Buyers Tax Credit as well as an adjustment to whom the updated legislation would apply.  The current truth as last update from Washington and stated below is where this legislation stands as of 12:00 p.m. on October 29th 2009.  It could change at any time and I will do my best to keep everyone informed as I receive updates.

Washington Update NAR:                                                                                                                      

Senate leaders of both parties, key Senate Finance Committee members and staff, and the homebuyer tax credit sponsors Sen. Chris Dodd (D-CT), Sen. Joe Lieberman (I-CT, and Sen. Johnny Isakson (R-GA), have reached an agreement on extending and expanding the housing tax credit.  However, right now, there is no agreement on how to attach this tax credit to the pending Unemployment Insurance bill, or whether to offer the tax credit agreement as an amendment to another bill, or whether to bring the agreement to the Senate floor and vote upon it as a separate, stand alone bill.

After Senate action – if passed – the legislation must still go to the House of Representatives for consideration.  There are still a number of steps to take before anything is final.  We will continue to keep you updated as we receive additional information.

A good read and we will keep pushing for passage.  If you are so inclined please contact your representative and express your support.

Thank you.

Ok – we all know about it, we may even be tired of hearing and reading about it, but let’s face it, if you know someone who would benefit from the $8000 tax credit,  now is the time to act.  We have been chanting the mantra about  the tax credit since 2008 and now is the time to get louder about.  In case you haven’t heard – time is running out!  When you think of Mark Johnson, Nebraska Market Manager for HomeServices Lending,  you probably don’t think “loud,” but he was adamant with attendees at the UNMC Real Estate with Honors First Time Home Buyers Seminar on 9/22 about now being the time to act and buy their first home.   With a great selection of homes, some on the lowest interest rates in history, and the $8000 tax credit, why wouldn’t you buy?  Evidence shows that homeowners have approximately five times more personal wealth than renters. What  a great way to jumpstart your path to personal wealth by receiving $8000 from Uncle Sam to buy a home.  If you, or someone you know, could you use $8000 towards their future, contact CBSHOME today!

http://www.wowt.com/home/headlines/60415652.html

Time is running out for homebuyers, who must close by November 30, 2009. The government’s $8,000 tax credit for first-time homebuyers has been extremely successful, but time is running out to capitalize on this unique opportunity.

The tax credit, available for first-time homebuyers, as well as to individuals who have not owned a principal residence in the 3-year period prior to purchase, expires November 30, 2009. That means that home loans closed past that date will not qualify.

Since it generally takes a couple of weeks to negotiate a purchase, then 30 to 45 days to close on a loan – with more stringent appraisal and disclosure requirements adding more time to the closing process – it is crucial that those wanting to take advantage of the incentive realistically select a home by mid-October to meet the deadline.

“This incentive has brought the dream of homeownership to literally thousands of individuals and families,” said Ron Peltier, chairman and CEO of HomeServices of America, “but time is running out, and there are not guarantees at this point that congress will extend the program.”

“New homeowners have accounted for approximately one-third of recent home purchases,” adds Larry Melichar, CEO and President of CBSHOME Real Estate, “so clearly the program has been wildly successful. But like all good things, there is an end, so don’t miss a chance to take advantage of this once-in-a-lifetime opportunity.”

The tax credit is available for homes purchased before December 1, 2009. Single-family, townhomes, or condominiums qualify for the tax credit, provided that the home is used as the principal residence. This also includes new construction homes if occupied by December 1, 2009. The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000. Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

This new tax credit can help ease the transition and help cover the new expenses that come with home ownership. The tax credit does not have to be repaid, as long as buyers stay in their new home for at least three years after purchase. IRS Form 5405 gives all the details and as always, consult with your personal tax advisor.

For more information, contact CBSHOME Real Estate at 402-964-4600 or www.cbshome.com.

About HomeServices of America: HomeServices of America, Inc. based in Minneapolis, Minn., is the second-largest homeownership service provider in the United States. Owned by MidAmerican Energy Holdings Company, an affiliate of Berkshire Hathaway Inc., HomeServices’ operating companies offer integrated real estate services, including brokerage services, mortgage originations, title and closing services, property and casualty insurance, home warranties and other homeownership services. HomeServices Relocation, LLC is the full-service relocation arm of HomeServices of America which provides every aspect of domestic and international relocation to corporations around the world. HomeServices operates in 20 states under the following residential real estate brand names: Carol Jones REALTORS; CBSHOME Real Estate; Champion Realty Inc.; Edina Realty; EWM REALTORS; Harry Norman, REALTORS; HOME Real Estate; Huff Realty; Iowa Realty; Koenig & Strey GMAC Real Estate; Long Companies; Prudential California Realty; Prudential Carolinas Realty; Prudential First Realty; Prudential York Simpson Underwood Realty; RealtySouth; Rector-Hayden REALTORS; Reece & Nichols; Roberts Brothers Inc.; Semonin REALTORS and Woods Bros. Realty. Information about HomeServices and the locations of its subsidiary companies is available at www.homeservices.com.