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it won't be extended. the reasoning is simple, they want to a) get some indication of where we are. b) they want to give off an air of confidence. in other words they want to give everyone the impression that the market is recovering and no longer needs help. c) they want to create a sense of urgency to buy to pull in the last remaining suckers out there
this WILL backfire! they will let the market rip during the summer season and they'll have another, much bigger credit come november. anyone care to put a wager on that? lol
it won't be extended. the reasoning is simple, they want to a) get some indication of where we are. b) they want to give off an air of confidence. in other words they want to give everyone the impression that the market is recovering and no longer needs help. c) they want to create a sense of urgency to buy to pull in the last remaining suckers out there
this WILL backfire! they will let the market rip during the summer season and they'll have another, much bigger credit come november. anyone care to put a wager on that? lol
I hope you're right, and would wager that you are on all counts. I wouldn't be surprised if they bump it to a $16-25K credit/instant rebate type BS and open it to EVERYONE who buys a house, new or "used". Maybe even make it higher in certain higher priced markets like the FHA jumbo conforming loans up to 729K in higher priced markets - say $50K in San Fran bay area, LA/OC area, and NY/New England area.
I hope you're right, and would wager that you are on all counts. I wouldn't be surprised if they bump it to a $16-25K credit/instant rebate type BS and open it to EVERYONE who buys a house, new or "used". Maybe even make it higher in certain higher priced markets like the FHA jumbo conforming loans up to 729K in higher priced markets - say $50K in San Fran bay area, LA/OC area, and NY/New England area.
If the credit is extended/ expanded, I would be interested to see if the GOP jumps up and down against what would be a new & massive spending bill or just lets it slide. How in bed with the real estate industry are they? Remember the recent hang ups about extending the unemployment benefits because of deficit spending concerns?
I would be surprised if the credit resumes in the fall, but if activity drops off a cliff this summer, then something might be done. I wonder how much demand is being pulled forward right now? Are people buying now when they would have bought over the summer due to school issues, etc. Some people just can't buy now due to timing issues with work or school. (I'm one of those)
If I were a Realtor, I sure would be banking some of my commissions now in case things get lean this fall.
I noticed prices seem to be higher on REOs and short sales in the metro Orlando area recently. One listing just came on the market and is under contract already (priced at only $75k, good area, nice house, etc) I just got the automated listing e-mailed to me last night and then this AM, it's "inactive". It says it has been on the market 3 days, so my stupid listing e-mail service has a delay. That's not gonna work when I get back to FL and need to buy. Lower priced homes are being snatched up. You have to pounce on these deals right away. I'm hoping that will slow a bit once the credit goes away and then we can buy. There's no way we can get the credit due to timing issues.
Tax credits have had an insignificant impact on the glut of relatively higher end properties in the greater Chicagoland area. I suspect this may be true of many areas.
I don't know what the answer is, but as someone selling their house I want to throw up at the thought of finding out what is going to happen this summer.
I hope you're right, and would wager that you are on all counts. I wouldn't be surprised if they bump it to a $16-25K credit/instant rebate type BS and open it to EVERYONE who buys a house, new or "used". Maybe even make it higher in certain higher priced markets like the FHA jumbo conforming loans up to 729K in higher priced markets - say $50K in San Fran bay area, LA/OC area, and NY/New England area.
i agree with you. since they first presented this tax credit i have been saying that they will gradually increase it over time. they will give it a break for a while but when sales fall off the cliff they'll come running with a 'solution'! this will happen arounf november/december. also higher end stuff is starting to sit for longer and longer. i think the next credit will attract buyers through all price ranges. in other words, the more expensive the house the bigger the tax credit.
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