How will the extended housing tax credit affect NoVA?

[tgbwc]

Originally Posted by tgbwc

Does this $6500 credit apply to all of 2009, or just since Nov? For example, we lived in our home for 8 years up until April of '09. We then sold and purchased our new home. Is that too early to qualify for the existing homeowner credit?

Ok, found out this is for closings after 11/6. My realtor did say that in the 6 months after we purchased, home prices are up 5-10%.

[935dc]

We sold and purchased within the last 6 months and the credits didnt influence our decision due to the limits on max home price & income. For some folks I know though, it was addnl incentive to move on that place they wanted.

If it helps responsible folks get into a house they can afford, then so be it. id think it would help move the low/mid price points in the area. I dont want to get into debate here, but overall im not a fan of what i consider to be yet another govt handout

i guess 8k is better than nothing for those who can benefit.

[novaslasher]

I will be a first time home buyer some day. The discount is not enough incentive to get me to bite by the mid-year deadline in this region. I'm going to take my time and build up a sufficient down payment to avoid spending 30-50% of my take home pay on PITI for a town home. Housing prices are just outrageous here, but I figure within a few years I will be ready. I'm banking that housing prices will return to the good 'ole days of yore and will track inflation rather than inflating like a bubble again.
See this graphic: Long Run House Prices Revisited | Bad Money Advice

DC's local market will probably inflate a bit due to the swelling size of the fed and the private contractors suckling on the government teat (Northrop HQ is the newest piglet in town!), but I don't think DC housing prices we will return to the heady days of 2005 again.