First-time Home Buyer Tax Credit Affects Jobs in Real Estate

With the first-time home buyer tax credit currently set to expire on November 30, professionals in real estate markets around the country are scrambling to try to close as many deals as possible before the deadline. Most people inside the real estate industry and within circles that monitor the actions of the federal government believe that the tax credit will be extended, at least through the early portion of next year. The effect of the tax credit appears to have been significant, with home purchasing activity rising over the past several months. The problem that real estate professionals are facing now is that the increased demand may have been drawn forward by the tax credit - and a significant drop is likely after November 30.

Even with the expected extension of the deadline, analysts are assuming that much of the activity and demand for homes among first-time buyers will have been realized in the short term. Most people, it is believed, would have at least attempted to purchase a home before the November 30 deadline, if in fact they were going to make any attempt at all.

With today’s news that the Federal Housing Administration may be facing troubles similar to that of the federally-bailed-out Freddie Mac and Fannie Mae, many people in the real estate and mortgage industries are uneasy at the moment. But not all is doom and gloom in these circles - and for a select few individuals, the opportunities from now through the next several months may be better than any seen in many years.

If you are considering real estate jobs or careers in real estate, you really only need to have a few clients in your stable to generate a tremendous amount of sales momentum. Not everyone used the housing boom to cash out all of the inflated equity in their homes. And although unemployment is creeping higher on a daily basis, the vast majority of Americans are still gainfully employed - over 90% of them, in fact. If you know some of the more fiscally responsible among us, then you likely know someone or know of someone who is considering taking advantage of a down real estate market to buy a home that they may not have been able to afford only a few short years ago.

Whether you are considering a career as a real estate agent or a mortgage broker, you can gain your license in most states in a relatively short period of time - generally as little as a few weeks. If you come into the business with a small roster of clients through family, friends or acquaintances, you may find yourself in a very strong position to take advantage of a weak housing market. If the first-time home buyer tax credit actually does expire on November 30, your position becomes even stronger.