Some in Congress want to renew the federal tax credit for first-time homebuyers, or even increase it from its current $8,000.
But what if lawmakers do neither and the credit goes away?
"I don’t believe that it will impact the market in Oklahoma City as much as other markets,” said Victoria Caldwell, a RE/MAX broker owner in Edmond. "We will still have first-time homebuyers in the market after it (the tax credit) expires ... in part due to the stability in general of the economics of Oklahoma City and the surrounding areas.”
Ryan Hukill, a Realtor with Paradigm Advantage Real Estate in Oklahoma City, wasn’t so sure.
"It’s very likely that we’ll see a dramatic drop in activity after the expiration of the federal home buyer tax credit,” he wrote on his blog earlier this month. Hukill told sellers Oct. 1: "Your chances of selling are FAR better today than they will be 60 days from now.”
Jan Astani of builder Home Creations in Moore took a longer view, backward, to gauge the likely effect of losing the $8,000 incentive.
"In September 2008, down-payment assistance was eliminated, and we feared that buyers would be forced out of the market. Fortunately, that didn’t happen,” Astani said. "Then the government increased the down payment (to buy a house with a loan backed by the Federal Housing Administration) from 3 percent to 3½ percent in January. That didn’t stop buyers. either.
"While we’d be disappointed to see the tax credit go away, we know that buyers will continue to find ways to purchase a home.”