Wednesday, November 04, 2009

Why You Should Support Extending the First Time Homebuyer Tax Credit!


Did you vote yesterday? I hope so. When I showed up at the polls at 8:40 last night, we had less than a 20 percent turnout. And then we complain about not liking what's going on around here.

Anyway, speaking of politics, this seems like an excellent time to endorse the efforts to extend (and possibly expand) the tax credit for first time homebuyers that is scheduled to expire on November 30, 2009. It is obvious why I want this to be extended since my business is directly impacted by the ebb and flow of the real estate market. But even if I didn't work in real estate, I would be pushing for this extension.

I didn't know this but each time there is a transfer of title of a property in America, it contributes, on average, $62,000 to the gross national product! That's huge! I'm guessing the average is slightly lower in the Rochester area just because our property values are very economical, but the impact is huge. When a house is bought or sold, a ton of people earn a paycheck, including inspectors, mortgage loan officers, surveyors, lawyers, movers, appraisers and Realtors. And as soon as the transaction closes, the new homeowners buy paint, curtains, furniture and lots of other goodies to make the house a home. So, a strong real estate market is good for the local economy.

If you believe this as strongly as I do, I hope you will call or e-mail your Congressman and urge them to get this extension through the House ASAP.
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