South Florida is one of the areas benefitting from the $8,000 federal tax credit granted for first time home buyers. Although the credit expires on November 30, 2009, there are industry rumblings that foreshadow the tax credit could be extended past the deadline. Of course, nothing is guaranteed.

With the November 30 deadline fast-approaching, realtors have been busy assisting with closing dates for their clients, most of which are young professionals and newlyweds; because a closing can take a month or longer, the pressure to close deals quickly is causing buyers and their realtors a little extra stress.

However, late buyers are hoping that the rumblings are true, and that the Senate will extend the deadline for six more months. A bill introduced a week ago aims to do just that. Although the real estate industry has been lobbying for some sort of extension, the Obama Administration is keeping quiet on the outcome. Realtors are arguing that the tax credit is helping to clear out the distressed and foreclosed homes that bring down area home values.

Lawrence Yun, chief economist for the National Realtors' group said, "The first-time buyer tax credit is having the intended impact of bringing buyers into the market, allowing them to take advantage of very favorable affordability conditions."

While some oppose the tax credit, calling it a "free handout" to those who would never qualify for a house, many are very thankful for it. The opportunity to buy a home would not otherwise exist for hundreds of thousands of Americans who have already utilized their credit grant. It is unexpected when the Senate will decide if there will be an extension or not, but if there is, the country will be seeing many more grateful new homeowners.

For more information on the tax credit, or to speak to a seasoned real estate professional, contact Roman Pavlik at www.southfloridarealtysource.com