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Old 04-05-2010, 11:32 PM
 
172 posts, read 680,190 times
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which way do you guys think the market will be heading after April 30th tax credit deadline? lot of mix feelings i think . some people say to jump in NOW!!! others are saying to wait till after the 30th because then the prices will come down( why buy now and save 6500-8000 when you can wait and save more because they will drop the price).
i have a gut feeling they are going to extend the credit again.
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Old 04-06-2010, 12:07 AM
 
Location: Long Island
9,624 posts, read 21,112,634 times
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Quote:
Originally Posted by cmv138 View Post
i have a gut feeling they are going to extend the credit again.
Or maybe they'll phase it out??

Let's say $6K through July 31, $4K through Oct 31, $2K through Dec 31

They can't keep doing this indefinitely - it's all coming from us taxpayers anyway...
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Old 04-06-2010, 10:23 AM
 
153 posts, read 566,988 times
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It's hard to say. I don't think they'll extend it much further, but as mentioned above, maybe slowly decline it.

if they stop it cold turkey, the market is going to take a big hit, and houses are going to go lower even more.

My parents are looking to sell in a year or two, so I'm hoping things turn around by then.
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Old 04-06-2010, 10:39 AM
GPC
 
1,284 posts, read 3,137,438 times
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If there were plans to extend it, wouldn't an announcement have been made by now?
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Old 04-06-2010, 10:42 AM
 
153 posts, read 566,988 times
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They'll release a new credit, then bring back the old one, and call it "Tax Credit Classic"

:-p
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Old 04-06-2010, 11:10 AM
 
Location: Babylon Village
176 posts, read 441,638 times
Reputation: 37
in all honesty here. I think from a pricing standpoint home prices do not stand to lose much (especially in large metro areas) due to the home buyers credit expiring. As it is only homes up to $800k are covered. The govmt no longer buying mortgage securities in the open market will bump mtg rates up some...not a whole lot but some, the bigger downward driver of home prices will be inventory glut. As more and more homes come onto the market pricing will need to be more competitive (lower) in order to entice buyers. In turn, the fact that job creation is still largely absent will cause more distressed sellers to further reduce prices, causing further downward pressures in the market. All in all, unless the economy starts churning some real job growth you can forget about home prices going up since no one is comfy taking on large loans when they are not positive about their future prospects. It is likely that we are near the bottom in housing (large metro) but a further 5-8% decrease is not out of the question. Once prices consolidate (AND STAY) at a certain level for some time then you will see people comfrotably step into the market and buy....by that point the 30yr fixed conforming rate should be around 6-6.25% and people will be concerned that they lost out on historic low rates and rush to buy, creating an artificial lift in the housing market......things will move sideways for some time (with major regional clustered effects) until about 2-3 full years from now, home prices start to steadily climb again. By that point the economy will near full recovery (all things remaining equal and barring major disasters) and at the end of this term 30yr fixed rates will be nearing their historical avg of 8%...I think a bit lower but not a whole lot lower than this. Work on your fico scores meanwhile, lower your debt and save money. The new world order is moving to a model were leverage is not an economic tool but a hinderance. Good luck, if you are qualified to buy now I would say the next 6-12 months will offer the best bargaings to be had but do your homework and know the comps.
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Old 04-07-2010, 10:13 AM
 
Location: Long Island
9,440 posts, read 14,145,879 times
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Quote:
Originally Posted by GPC View Post
If there were plans to extend it, wouldn't an announcement have been made by now?
Wouldn't such an announcement weeks before the deadline cause people to wait even longer if they could? Deadlines = act now and we'll see where we're at.
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Old 04-07-2010, 02:37 PM
 
Location: East Northport
3,351 posts, read 9,073,570 times
Reputation: 1330
I doubt that they will extend it again.

Also, it appears to me that the approaching deadline is not increasing buyer urgency that much.
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Old 04-07-2010, 04:49 PM
grant516
 
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I am trying to buy right now, off LI of course- and alas... it's got the fire under my feet... but I can't move through the process fast enough considering I'm aiming at bank owned stuff.

I hope for an extension of sorts... but it does seem like it would have happened by now.
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