Kansas Real Estate Agents Busy with Tax Credit Home Sales

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Kansas Real Estate Agents Busy with Tax Credit Home Sales

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On June 29th, the House of Representatives approved giving extra time to homebuyers who were trying to qualify for the federal homebuyers tax credit. Backed by a vote of 409-5 the measure extends the closing deadline to September 30 for buyers who had already met the April 30 deadline with a signed contract.

Kansas real estate professionals were concerned that the June 30 deadline would leave thousands of buyers out of the process. Many settlement offices were simply overwhelmed with buyers trying to close their transactions by the end of June. Those that started the process late or needed corrections were more than likely to miss the deadline.

"180,000 homebuyers will now receive the tax credit they deserve, and our housing market will be strengthened as a result," said House Speaker Nancy Pelosi. However, her comments fell on the deaf ears of critics. They say extending the credit invites fraud by providing prospective home buyers time to back date contracts and close those contracts by the new September deadline.

Kansas real estate agents, however, say the tax credit has clearly stimulated the real estate market statewide. Across Kansas over 3,200 homes were sold in April, a 42.5 percent increase from April 2009. Agents acknowledge the real estate market needed a boost and the tax credit program has restored consumer confidence.

Buyer activity from the April frenzy cooled immediately after the tax credit expired. With the historically busy summer months on the horizon, Kansas Realtors say the credit definitely helped to jump start the season. Almost without exception, the state's agents were ecstatic about the recent tax credit extension.

A number of Kansas real estate agents would like to see the credit extended even beyond September 30, perhaps through the end of this year. They believe the momentum it has created has helped keep buyers in the market and has boosted the economy throughout the state.

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