Home Buying in Massapequa>Question Details

North Massap…, Home Buyer in Massapequa, NY

Does anyone think that the the tax credit will be extended past April?

Asked by North Massapequa, Massapequa, NY Tue Jan 5, 2010

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7
No, No, No, they will not extend the tax credit past April. Why should they? Sales will begin to pick up this Spring. Once buyers come out of the woodwork they may need a fire extinguisher to hose them back. Prices have NEVER come down so much in the history of the country. Mortgage rates are also historically low. Many of the foreclosed homeowners need a place to live. If they do not have the credit to buy then other family members will step up. It will be interesting to see all of this unwinding as those bitten by the Recession start to help fuel our home sales recovery. That is my opinion anyway. I've been wrong before... yep, me, Joe Washick, WRONGO before and I'll be WRONGO again. Still, many years of decline AT SOME POINT IN TIME will begin to turn around. After all, 5 bad years is equivalent to 5% of an extraordinarily long lifetime. This Recession will go in the record books but another housing stimulus will not be necessary. THERE MAY BE ONE CAVEAT I'd like to mention. If foreclosures by record numbers still enter the market and unemployment continues growing then, in late April, ask again and we'll see if even my answer remains the same. (smile)
0 votes Thank Flag Link Thu Jan 7, 2010
NO
Start looking for your dream home. Why wait.
Call me at 516-599 3569
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0 votes Thank Flag Link Thu Jan 7, 2010
We will all find out once April roams around--it's hard to determine, but my guess would be no--if you are looking to buy, keep in mind the interest rates are still very good and who knows how long they'll stay as such--and there many great buys waiting to be had.

Anna
0 votes Thank Flag Link Wed Jan 6, 2010
Do not have a crystal ball to answer that question. It does not really matter.

Whenever you need to buy a property - use all the products available to you at that time to your advantage.

Worrying about what will be or was will just drive you crazy.

Learn to deal with the moment!
0 votes Thank Flag Link Wed Jan 6, 2010
No. I don't think it will be extended.

They timed it so the tax credit will end at the same time we see our annual spring increase in home sales. If the economy doesn't recover sufficiently by the fall of 2010, there may be new efforts to stimulate sales early in 2011, but not necessarily in the form of tax credits.

All good things must come to an end. They can't prop the market up forever.
0 votes Thank Flag Link Tue Jan 5, 2010
Hard to say. They said "No" he last time, but then it happened. Have you seen any restraint in spending so far from the current congress?
Web Reference: http://SeattleHome.com
0 votes Thank Flag Link Tue Jan 5, 2010
Everything that I am hearing says NO, that this is the last extension.

But remember - you don;t have to CLOSE by the end of April, you just need to be in contract by April 30th, you have until June 30th to close on the home.

But then again, no one has a crystal ball, so you never know,

Good luck!

Donna Galinsky
Pugatch Realty Corp
516-317-9253
0 votes Thank Flag Link Tue Jan 5, 2010
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