Yes! That is the sound that some realty professionals made when last years tax credit for first time home buyers was granted a 7 month extension.

Real estate markets across the nation were lifted by this tax credit and many homes were sold that otherwise may not have been.

Discussions range broadly in their determination of how much impact the tax credits have had on the real estate market. Most taxpayers do not feel like their tax dollars should go toward giving other people a credit for something as random as buying a home. This perspective is negated once you understand that the tax payer is getting in return for his tax dollars, a more stable economy and a better job market since home construction takes many contractors from different disciplines.

Many people point out that the tax break simply induces people who were already planning on buying to buy. This point of view forgets that the entire point of establishing the tax credit was to help the realty market for the short term. Since some 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.

And, there is always those who try to manipulate the system. Some people who are not candidates to receive this credit will also try to cash in. Trading the tax credit for a stiff fine and jail time doesn’t seem like a good deal to me.

Given that realty prices were in a free fall, prior to the approval of the tax credit, it is a hard argument to make that says that they were not warranted. This tax credit will be the first in many steps taken by the government in assisting the real estate recovery across the nation.

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