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I have heard that the $8K tax credit for first time home buyers ends in November. What do people think will happen to the housing market once that ends? It seems there are a lot of first time buyers out there that are taking advantage of the credit. It makes sense to me that sales would drop off considerably once that ends as people that want to buy would buy before the credit expired. I know that existing home owners could still buy, but was curious to see what people's opinions are as far as what is going to happen. Will it make a difference or does the credit apply to such a small percentage of people that it won't really matter?
I think it really doesn't matter. My wife and I were not eligible for the credit and we still bought. There are deals out there that will wash that 8k even when that is over. I don't think they should extend it either.. Just remember who is paying for that 8K credit..
I don't have a single buyer (and haven't had all year) that is eligible for the credit. It applies to so few folks that it won't have a huge impact, at least in my area.
I have heard that the $8K tax credit for first time home buyers ends in November. What do people think will happen to the housing market once that ends? It seems there are a lot of first time buyers out there that are taking advantage of the credit. It makes sense to me that sales would drop off considerably once that ends as people that want to buy would buy before the credit expired. I know that existing home owners could still buy, but was curious to see what people's opinions are as far as what is going to happen. Will it make a difference or does the credit apply to such a small percentage of people that it won't really matter?
At least 70%+ of the purchases I have closed this year and the pre-approvals I am working on now in MN are for 1st time homebuyers and ALL of them have qualified for the $8k.
It will have an impact here in a depressed market.
Those of you who have few to none qualifying...they make too much money or what?
At least 70%+ of the purchases I have closed this year and the pre-approvals I am working on now in MN are for 1st time homebuyers and ALL of them have qualified for the $8k.
It will have an impact here in a depressed market.
Those of you who have few to none qualifying...they make too much money or what?
So you don't have renters all rallying to purchase with the 'triple lindy'...low rates, low prices and a free $8k? Every renter I come across here is considering purchasing.
So you don't have renters all rallying to purchase with the 'triple lindy'...low rates, low prices and a free $8k? Every renter I come across here is considering purchasing.
Nope. Buyers are very cautious out here. They aren't getting homes for 50% off so they are waiting until they think that will occur.
I have quite a few buyers who are trying to hit that mark. Unfortunately, they might run out of time, due to inventory, price/market fluctuations, time spent waiting for bank response, etc. We're heading into a period where sales drop off anyway, although I'd like to stay busy through the fall ...
Quote:
Originally Posted by chesapeakesim
I have heard that the $8K tax credit for first time home buyers ends in November. What do people think will happen to the housing market once that ends? It seems there are a lot of first time buyers out there that are taking advantage of the credit. It makes sense to me that sales would drop off considerably once that ends as people that want to buy would buy before the credit expired. I know that existing home owners could still buy, but was curious to see what people's opinions are as far as what is going to happen. Will it make a difference or does the credit apply to such a small percentage of people that it won't really matter?
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