Home Buying in Williamsport>Question Details

Chris Wallace, Real Estate Pro in 17701

Did you know that a majority of consumers don't realize the new homebuyer tax credit is not limited to frsit time homebuyers?

Asked by Chris Wallace, 17701 Fri Dec 4, 2009

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Sure. Only Congress would define a "first time homebuyer" as one who's owned a home for 8 years and has lived in it for 5 consecutive years.

Even the original tax credit define a "first time homebuyer" as one who hadn't owned a primary residence in 3 years. A few months ago, I sold a home to someone who'd owned primary residences for probably 15 years, but had lost his most recent one to a foreclosure a bit over 3 years ago. He's a happy first-time homebuyer.

Without getting too raunchy, imagine if Congress applied the same definition of "first time" to a woman (or man) getting married. "Yes," she's whispered to her husband to be. "This will be my first time." On the wedding night, the new groom quickly figures out that maybe she's "been there, done that" before. "But," she says, "I've only been married a couple of times. And the last time, only for eight years. And I only lived with him for five straight years. So, according to the decisionmakers in Washington, this is my first time."

I can't say I blame consumers for not being able to figure this one out.
2 votes Thank Flag Link Fri Dec 4, 2009
Don Tepper, Real Estate Pro in Fairfax, VA
Don, I love your analogy. You really put into perspective how the government is so far out of touch with reality that they are not sure we are on the same planet any more.

Regarding the real question, I think a lot of potential buyers know about this credit and are waiting for it to go away so they can get real pricing for a change.I find it amazing that congress would be so stupid as to include everyone except those who bought at the peak in this program. But that is another thread.
0 votes Thank Flag Link Sat Dec 5, 2009
It is our jobs to get the word out there. But do I think this tax credit should open the flood gates with buyers...no.

Market values are down. Uncertainty with job market. BUt for some it is a great time to buy.

Sean Dawes
0 votes Thank Flag Link Fri Dec 4, 2009
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