Home Buying in Newark>Question Details

Joy Weaver, Home Buyer in Newark, OH

I have heard word of another gov. rebate on housing in the near future, is this true?

Asked by Joy Weaver, Newark, OH Sun Nov 28, 2010

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8
It's here in the form of low mortgage rates! Buy what you can afford and enjoy the historic opportunity to do so with money so cheap.

Best,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
1 vote Thank Flag Link Mon Nov 29, 2010
Joy,

Jeanne is on the mark........I'm amazed that the historically low interest rates are not percieved in their true light....a better opportunity than the expired tax incentive program for most buyers.

If you missed the tax incentive program.....thank your lucky stars and then get serious about finding the opportunity that's waiting for you.

Bill
0 votes Thank Flag Link Mon Nov 29, 2010
Hi Joy,
Everyone is asking the same question. Are they going to give more money for home buyers. As of right now, the government has no plans to extend any program giving additional funds to individuals to purchase a home. Home sale prices are at an all time low, if you have the funds or can qualify to purchase a home in this market, you should take advantage of the interest rate and purchase. Noone knows what will happen in 3 -4 or even 8 months from now. I personally think buyers have a wonderful opportunity to buy at a low sale price and very low interest rates. If you have any other questions, give me a call. Good luck
Jeannine Dyer 440 341-9100 visit my website: jeanninedyer.com or email JeannineDyer@yahoo.com
Web Reference: http://jeanninedyer.com
0 votes Thank Flag Link Sun Nov 28, 2010
Don't count on it Joy!
I don't know of any new rebate plannned for the near, or distant, future.

If you are ready to buy - go right ahead.

Good luck!
0 votes Thank Flag Link Sun Nov 28, 2010
The common wisdom now is that what the rebates accomplished was paying people to buy houses who were planning to buy anyway. They just bought earlier in order to qualify for the rebates. The downside is that those sales were stolen from later periods so slower or fewer sales are being recorded in subsequent periods.
Tax rebates are not free money. The money paid to home buyers for credits on their income taxes will adds to our national debt which will have to be repaid at some future date.
I doubt that congress has any appetite to fund a new round of home buyer rebates and add to the nation debt load at this time.
0 votes Thank Flag Link Sun Nov 28, 2010
IMO, the first rebate was a success, although some of my colleagues would disagree with me. I agree with Don, there's been a change in tenor since the election, much more concern about the deficit. I thought earlier in the year we might see another credit. It's still possible, but I wouldn't hold your breath. My guess is they won't even discuss it until late Winter/early Spring. But as far as I know there is nobody on record saying anything about a new tax credit.
0 votes Thank Flag Link Sun Nov 28, 2010
No. Not true.

And with the mood in Washington--the concern over the deficit, especially--another tax credit (or a rebate) is highly, highly unlikely.

If you want to buy and are financially able to buy, then go and find the best deal you can. There are plenty of good ones out there. Definitely do not wait in hopes/anticipation of a tax credit that will never materialize.

Hope that helps.
0 votes Thank Flag Link Sun Nov 28, 2010
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
Nothing yet Joy?where did you read this,a tax credit your saying.
Web Reference: http://www.tjrobertsrealtor
0 votes Thank Flag Link Sun Nov 28, 2010
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