News Releases

First-time homebuyers in North Texas who want to take advantage of the $8,000 federal tax credit have an additional six months to do so, thanks to recent legislative action, says a Dallas leader in the residential real estate industry.

Sue Meyer, president of Coldwell Banker Residential Brokerage – Dallas/Fort Worth (CBDFW), says, “This is an important next step for maintaining positive momentum toward a recovery in the housing markets and the overall U.S. economy.” 

CBDFW’s parent company, Realogy Corporation, a global provider of real estate and relocation services, and Coldwell Banker Real Estate previously announced support of bi-partisan Senate bill (S. 1678) creating a six-month extension of the federal tax credit for first-time homebuyers. The approved bill extends the expiration date to June 1.

Realogy President/CEO Richard A. Smith, chairman of the Business Roundtable’s Housing Working Group, said, “While we applaud this effort and support passage of the legislation, we also want to make it clear we will continue to work with Congress to broaden the scope of the credit.”

He adds, “Realogy supports expanding the existing tax credit to all homebuyers of a principal residence, increasing the size of the credit and eliminating existing income eligibility caps, all of which we believe are critical to the ‘move-up’ or repeat buyers we expect will drive the essential second phase of a housing recovery.”

Realogy President/CEO Richard A. Smith, chairman of the Business Roundtable’s Housing Working Group, said, “While we applaud this effort and support passage of the legislation, we also want to make it clear we will continue to work with Congress to broaden the scope of the credit.”

He adds, “Realogy supports expanding the existing tax credit to all homebuyers of a principal residence, increasing the size of the credit and eliminating existing income eligibility caps, all of which we believe are critical to the ‘move-up’ or repeat buyers we expect will drive the essential second phase of a housing recovery.”

Meyer adds,“We believe that stimulating demand for housing – particularly in the repeat buyer or ‘move-up’ market – is the most effective way for Congress to truly accelerate a broader economic recovery.”

The tax credit extension bill was introduced by U.S. Senator Benjamin L. Cardin (D-MD), along with Senators John Ensign (R-NV), Harry Reid (D-NV), Johnny Isakson (R-GA) and Debbie Stabenow (D-MI). The previous tax credit provision, part of the American Recovery and Reinvestment Act, expired December 1. 

“According to the most recent data from the Department of the Treasury, nearly 530,000 Americans applied for the tax cut to help purchase their first home,” says Meyer.  “About 40 percent of all homebuyers this year will be eligible for the tax credit.”

Sharon Weltner, sales associate at CBDFW’s McKinney office, has guided buyers through several of the transactions, according to branch manager Denise Ackerman.  “Sharon is an awesome residential specialist dedicated to helping buyers get the most for their money.”

Joel Rose and John Sherwood of CBDFW’s Flower Mound office also have helped a number of buyers close properties eligible for the credit, says branch manager Melody Kruse. 

Sales associates at CBDFW’s 19 North Texas offices can assist buyers in finding and closing on homes eligible for the $8,000 tax credit. For more information on the tax credit and residential properties in the D/FW area, contact any CBDFW office or call the company’s relocation department at 972-581-5200 or www.cbdfw.com.