Now that the RE tax credit is signed, will it turn RE into seller's market? (real estate, foreclosures)

[Delphi]

Is it's like cash for clunkers where the dealers made all the money?

Or it will balance out the market as sellers also need to hurry to buy before the credit expires?

What do you think? I think it will balance out.

[elflord1973]

Originally Posted by Delphi

Is it's like cash for clunkers where the dealers made all the money?

Or it will balance out the market as sellers also need to hurry to buy before the credit expires?

What do you think? I think it will balance out.

I think you're correct. Plenty of downward pressure on prices, so blowing more air in will lead to stagnation for a while.

[Delphi]

Did you guys hear the sound of 1.2 million Realtors having a collective orgasm as President Obama signed the home buyer tax credit extension. Now thousands of others can be underwater and drowning in their own home!

[babo111]

Originally Posted by Delphi

Is it's like cash for clunkers where the dealers made all the money?

Or it will balance out the market as sellers also need to hurry to buy before the credit expires?

What do you think? I think it will balance out.

I doubt it'll be sellers market, I doubt it'll even balance out. I think it'll be buyer market for some time for mid and upscale real estates. There is another round of foreclosures coming in residential and commercial.

8,000 tax credit extension is nice but gotta have signed contract by 04/30/10 and move in by end of June. That's pretty tight timeline. As nice as 8,000 tax credit is for first time home buyer...

In grand scheme of things, it's not going to change that much in my opinion. Lower end of real estate has been already moving so that'll probably speed up. As for rest, I don't think so...

Real estate worth 350,000 and tax credit is like reducing price by 2.3% to 342,000 and only for first time buyers. That's really not that big of incentive. If real estate is worth like 100,000...then 92,000 is a discount by 8% so that'd move but once again those are low end and these have been moving already.

[SweepTheLeg]

Originally Posted by Delphi

Did you guys hear the sound of 1.2 million Realtors having a collective orgasm as President Obama signed the home buyer tax credit extension. Now thousands of others can be underwater and drowning in their own home!

*facepalm*

I've always found the term "underwater" to be amusing. You're only underwater if you can't afford to be in the house. Otherwise, look at it as paying rent with a tax deduction.

This tax credit has been going on for years now. Stop with the over-exagerration.

[CaptainNJ]

Originally Posted by SweepTheLeg

*facepalm*

I've always found the term "underwater" to be amusing. You're only underwater if you can't afford to be in the house.

what if they would like to sell and move but cant because their house is worth less than they owe?

also, on the original topic, this is an extension so since the credit has already been going on has it been a sellers market? no.

[Lusitan]

LOL - yeah like the piddly $6,500 credit is going to do anything. These credits are peanuts in NJ.

[SweepTheLeg]

Originally Posted by Lusitan

LOL - yeah like the piddly $6,500 credit is going to do anything. These credits are peanuts in NJ.

Are you insane? 6500 dollars is 6500 dollars. Still a good motivator.

[babo111]

Originally Posted by Lusitan

LOL - yeah like the piddly $6,500 credit is going to do anything. These credits are peanuts in NJ.

Not the big ones with 3 or 4 in em. It's the small one with 1 in em.

[CaptainNJ]

Originally Posted by SweepTheLeg

Are you insane? 6500 dollars is 6500 dollars. Still a good motivator.

its something thats nice to get but isnt really going to cause you to make the decision to buy a house if you werent going to do it anyway. i wouldnt think so anyway.