The Ilinois Association of Realtors AND this REALTOR strongly believes the First-Time Home-Buyer credit should be extended AND even expanded. While there have been some promising numbers of late, it's way too early to declare victory in the all-important housing market.
"Yes, we are seeing some improvements in the Illinois market this year" according to IAR past president Pat Callan, "but there is a ways to go before we experience a full recovery." The IAR reported in Agust 2009 that home sales increased for six consequtive months from January through July 2009. Increasing sales are helping to reduce inventories, but stability in prices have yet to be achieved--nationally or in Illinois and in Chicago and area.
Distressed properties remain a very significant factor in Chicago and most all Illinois markets, and REALTORS, including this writer, are calling on Congress for added measures to assist families at risk of foreclosure. REALTORS are also advocating for improvement in both the lending environment and the appraisal process--two areas that present major hurdles to buyers and sellers in today's market.
Let's not stall this housing recovery in its infancy. According to the IAR, one of the best ways to promote broader economic recovery and stability is to ensure that the real estate market is stablized and healthy. The continuation and expansion of the first-time home-buyer tax credit helps achieve that goal.
The tax credit has taken a while to gain awarness in the general public. While it technically expires on November 30, buyers should be entering contracts by the end of September in order to make the closing deadline of midnight. Clearly, the deadline needs to be extended so more people can benefit at a time when mortgage interest rates are at record lows and housing has become more affordable for entry-level buyers!