Tax credit extension? Seattle waterfront homes could benefit

There's a big push by lawmakers, real estate professionals, and lobbying groups to extend the current tax credit for home buyers. First time home buyers can currently get an $8000 tax credit for buying a primary home. This credit lasts through November 30, with all transactions needing to be closed by that date to qualify.

There are a number of proposals from Republican and Democrat legislators to extend and even expand the tax credit. While some proposals are for a 6 to 12 month extension, the expanded monetary guidelines could have even bigger ramifications. One proposal is to increase the maximum tax credit from $8,000 to $15,000. This would make a real difference in higher-value markets like Seattle's waterfront homes.

Of course, nothing is certain in politics. There are many more high-profile budget issues at hand, so it's hard to say if these measure will get the attention they need. The only sure thing right now is that the current credit will be in effect through November 30.