Yeah! Realtors and real estate developers across the nation were relieved to learn that the first time home buyer tax breaks would be extended for 7 more months.

This tax credit is truly what lifted the realty industry by stimulating Many potential home buyers, who presumably may not have purchased without it.

The opinions on exactly how much impact the tax credit has had on the realty market cover the gamut. Some tax payers are upset at the use of their tax dollars assisting someone else purchase a home. Give that all of us benefit from the economic stability that is brought by the tax credits, especially in the real estate business, and fields tied to it.

An alternate standpoint is that the home buyer tax credit is enticing buyers who were already planning on buying, to purchase for the tax grant. Since the tax credit was engineered to be a quick and limited boost to the realty market, it’s critic are missing the mark. Since Most of the buyers who are buying right now were obviously already looking, then the limited deadline of the tax credit will help them decide to buy sooner, rather than later.

Then,you have the tax cheaters. Many people who do not qualify for the first time home buyer tax credit will fraudulently claim the benefits. This is, of course, tax fraud and if convicted Most homeowners will find themselves facing possible jail time and penalties that make any tax credit they may get pale in comparison.

The truth that the first time home buyer tax grants have helped lift short term realty prices is indisputable and Some whose hard earned bucks went to pay for this program know that it was a needed step to keep nations home prices from plummeting farther. As the job market starts to rebound the real estate market will find more buyers and will start to become much rosier in its projections.