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I'm surprised that the tax credit has that big of an affect on LI. The income limits on the tax credit are a big issue - especially for this part of the country. First time buyers on LI - tend to be a little bit older than other parts of the country and are more established in their careers - If they work in the city they have much higher salaries. A couple in their early thirties that are looking for a 1st house on LI can easily make over the 150K limit - so the credit means nothing to them.
In my experience - if you are looking in a solid middle class area - Just as an example say(Merrick, Bellmore, Wantagh, Seaford, Massapequa) you need to spend around 425k for anything close to decent. With taxes, living expenses, savings, etc... If you aren't making close to 150k as a couple - you will struggle.
Thats taking the dim view I think.
425 close to decent...you sir are a snob! Im just effin with ya ; )
Why not start out somewhere more affordable (and solid too) like Farmingdale, Levittown or Bethpage (300k???) and buy your dream home/town later?
You can buy Stony Brook Village for 425 and waterfronts further east.
Thats the problem with Gen Y.
Champagne tastes... budweiser budgets and everybody gets a trophy.
God I sound old.
Crooks
Last edited by Crookhaven; 07-13-2009 at 02:46 PM..
It's my understanding that there are 2 seperate credits- the $8k one for anyone who bought a first-time home purchase in 2009 (I think april 2009-prob april 2010) and the $7500 one which is for first-time home purchases in april 2008-april 2009...which is where I fall. Is this not the case?
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You are correct, there are two!
The one for $7,500 was for the period April '08 through Dec. '08 and is refundable at $500/yr over a 15 yr period. I believe the first year that you have to start paying back is on your 2010 tax return (might be 2009 tax return, not 100% sure).
The $8,000 tax credit went into effect retroactively to Jan. 1st of this year and ends November 30, 2009 and is NOT refundable, unless you sell before the end of three years.
425 close to decent...you sir are a snob! Im just effin with ya ; )
Why not start out somewhere more affordable (and solid too) like Farmingdale, Levittown or Bethpage (300k???) and buy your dream home/town later?
You can buy Stony Brook Village for 425 and waterfronts further east.
Thats the problem with Gen Y.
Champagne tastes... budweiser budgets and everybody gets a trophy.
God I sound old.
Crooks
In my humble opinion Massapequa, et al, referenced in the posters earlier comments above will drop another 10%+ before it is all said and done, and then sit. 425 today (think about it, it is STILL almost half a million dollars for an expanded cape in some instances) could be as low as 365 come next year...and I think that is good. Return to normal levels of overpriced housing in the region
In my humble opinion Massapequa, et al, referenced in the posters earlier comments above will drop another 10%+ before it is all said and done, and then sit. 425 today (think about it, it is STILL almost half a million dollars for an expanded cape in some instances) could be as low as 365 come next year...and I think that is good. Return to normal levels of overpriced housing in the region
You may be right, Nassau seems to be leading with the chin right now but everybodys gettin' smacked.
I'm a first time buyer. My wife and I decided to take the plunge and bought something in Nassau. We've been watching the market for many years and waiting for the right opportunity. I don't know if now is that time for everyone, but it was for us. The 8k alone didn't persuade us...it was that combined with lower prices and <5% interest rate that pushed us off the fence.
The $8k is designed to impose a sense of urgency where one would not otherwise exist. Once all the buyers who were planning to buy have bought with their $8k credits, there will actually be a void of demand in the following months causing home prices to plunge further than the would otherwise.
Remember the credit was designed as a device to keep home prices from falling and the banks solvent, not so much as an aid to buyers.
It's my understanding that there are 2 seperate credits- the $8k one for anyone who bought a first-time home purchase in 2009 (I think april 2009-prob april 2010) and the $7500 one which is for first-time home purchases in april 2008-april 2009...which is where I fall. Is this not the case?
I did call the IRS and they confirmed I AM getting the $7500 credit but no one could tell me when it would be coming.
Sorry, but i dont know what you are waiting for. You should have received the tax credit when you did your 2008 taxes. You then have to repay it over a 10 yr period. Did you claim this credit on your taxes? It sounds like you are waiting for a check in the mail. Thats not gonna happen. Check your tax return and see if the credit was given. If it wasnt, you could file an ammendment and get it. Good Luck.
$8000 makes almost no difference... I wouldn't base a buying decision on it. If you get it, great, if not, home prices will fall by $8000 by the time it's over anyway.
$8000 on the price of a loan makes no difference really.. less than $50 a month. however $8000 extra cash in your pocket goes a long way, especially for a first time buyer, and when u buy a "starter home" thats going to need a little work at least.
Quote:
Originally Posted by WJFM
I think that credit is refundable ( not a true-credit, but an interest-free loan over 10 years).
Quote:
Originally Posted by suzook
Sorry, but i dont know what you are waiting for. You should have received the tax credit when you did your 2008 taxes. You then have to repay it over a 10 yr period. Did you claim this credit on your taxes? It sounds like you are waiting for a check in the mail. Thats not gonna happen. Check your tax return and see if the credit was given. If it wasnt, you could file an ammendment and get it. Good Luck.
not 10 years, 17.. 2 years before u start to repay (2010 tax return), then $500 a year for 15 years
anyway..
i had been thinking about buying for like a year before i actually decided i was going to do it. the $7500 credit was def. an incentive for me to decide to do it. then i wound up closing in january, so i got to take advantage of the $8000 credit.
the total $9700 tax return i got helped out GREATLY. it allowed me to wipe out any other debt i had left, buy all the furniture and "stuff" i needed, being that i never even had a whole apartment of my own (rented a room in a friends house). and even after all that still some money left to add to the savings.
I'm not sure if the 8k is making that big a difference. I think next year there might be a 15k credit !!
if the buyers are coming out in hordes to buy houses because of the 8k credit, I think the sellers win too.... they get a piece of the 8k too.... even though on paper its meant to be the buyers money !!
Sorry, but i dont know what you are waiting for. You should have received the tax credit when you did your 2008 taxes. You then have to repay it over a 10 yr period. Did you claim this credit on your taxes? It sounds like you are waiting for a check in the mail. Thats not gonna happen. Check your tax return and see if the credit was given. If it wasnt, you could file an ammendment and get it. Good Luck.
I did file an amendment...still didn't get it though...if I don't get a check, how do I get it?
I'm confused now.
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