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I'm sure this has been gone over but maybe not this recently. Based on the market conditions, etc.. is there any chance at all that they may add some more months to the first time buyer tax credit or is this the end of that for sure?
I though perhaps some of you knew if it was even open for discussion or has been considered by the government. Or, is it a totally dead topic?
I only ask because I am looking hard right now and it is cutting it close. I'm sure you all would agree that it stinks to rush buying into an big investment like this on a deadline.
We just weren't financially ready until a few weeks ago so now I feel like..hurry up and pick something fast. I wish we were ready months ago but we just weren't.
There is no discussion to extend it. If they keep extending it, no one would rush to buy to take advantage of it and the urgency to turn the economy around wouldn't be there. I hope they don't extend it as it's not actually doing what they hoped in my market. It was supposed to help fence-sitters get off the fence, but some people just like sitting on the fence and $8k isn't much to worry about when it's such a large purchase.
Don't let the $8,000 influence such a huge purchase. I too am eligible for the $6,500 and if I get it that's great, if not it's no big deal. I wasn't planning on it so it's a bit of a windfall anyway. Eventually the Obamabucks have to stop!
No - this is an easy program for the Fed/Treasury to discontinue.
They are looking to start withdrawing the support for the real estate market this month.
The more likely scenario is programs to buy mortgage back securities will be re-introduced as the housing market sputters later this month and into April. At the first sign of trouble (moonshot in interest rates, reduction in lending, lower # of mortgage apps, etc) they'll be back.
There is a better chance sellers will adjust prices downward to account for the credit disappearing, so if you're going to buy a house, the credit should in no way be a deciding factor.
I don't think it should be continued. People who are house-shopping for the first time seem to think it's a big windfall, but it's only a tax credit, not a rebate check. I'm eligible for the $6500 as well, and nearest I could figure by reviewing this year's tax returns, the credit works out to such a small payback, it's definitely not worth "competing" to buy a house. Just my opinion.
I guess you guys are right and have valid points. It is true that 8k really doesn't impact the purchase decision nor does it effect the payment much at all. In the back of my mind, I was just counting on it to offset some of the money we put down on the 1st home.
If anything does happen to materialize, please post what you know. I'm sure there are still quite a few people who would benefit from this. When you have little to put down, the 8k does have a tad of positive impact on a couple just starting out.
I don't think it should be continued. People who are house-shopping for the first time seem to think it's a big windfall, but it's only a tax credit, not a rebate check. I'm eligible for the $6500 as well, and nearest I could figure by reviewing this year's tax returns, the credit works out to such a small payback, it's definitely not worth "competing" to buy a house. Just my opinion.
It's a credit. Which means you will get back the $6,500. Not sure what you are trying to say.
"This is a Refundable Tax Credit - Remember that this is a tax credit and not a tax deduction. That is qualified first time home buyers deduct $8000 from their total tax owed to the IRS and NOT the total taxable income. Moreover a refundable tax credit means that in case the total taxes you owe to the IRS are less than $8000, you can actually get a refund for the balance amount!"
So, if you end up not owing any money to the IRS after doing your regular taxes, then with the credit you will get an $8000 check.
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