Sean my husband and I are neither low income or no income. We are both college educated (I hold a Masters degree) and very hardworking. My husband works non-profit helping people (but unfortunately many times that equals low pay) and I work in higher education. Again helping people but not making a ton of money. We do OK. We have great credit scores and are careful with our money. We are first time home buyers. And while I think everyone should benefit from this $8K I don't think it is something that is "low income or no income" as you out it. As you say everyone is struggling in this economy. We like many other hard working educated people don't have a ton of money. We don't have rich parents that can lend us the money either. We have saved saved saved and still we would never have enough for a 10% down plus closing. This is why we need programs like FHA and the $8K refund. We are not high risk. We are just looking for a piece of the American dream like everyone else.
Oh, how about the credit does not require a home purchase? To go along with exended, for everyone- buyers and sellers, regardless of income level, to used to buy a clunker or any other vehicle, or anything else, at any time without penalty or refund. I think that covers all of us. Are you with me on this? Give me a thumbs up. Come on!
Loads of young people are looking to buy their first home and we should make this a possibility for as many people as possible.
"Again, if you need a house and can buy it, act now. Never postpone a home buying decision because you want to make money in a short time and therefore want to see the market bottom before buying."...
And Real Estate agents get offended when people refer to them as "USED HOUSE SALESMEN"... It's quotes like the above that earn agents the title "used house salesmen"...
There is NOTHING wrong with postponing a home purchase in the current economic climate... If i would have bought a condo in Los Angeles back in January this year.. I would have lost my down-payment already.. All the condos I have SAVED on Trulia have dropped $30-60K in the past 6 months.
What benefit would I have achieved by buying my home 6 months ago? In the meantime I have to live with the minor inconvenience of "renting" for 1/3 of the price it would have cost me to buy. Not only did i avoid losing my $30K downpayment in the short term.. But I managed to save thousands more in the meantime remaining a renter... It'll make sense for me to buy eventually... But not until homes in decent school districts come in line with incomes in the LOS ANGELES area.. That hasn't happened yet.
But only to first time home buyers giving the opportunity to own a piece of the American Dream.
Palmetto Bay, FL.
I am currently pre-approved and I'm afraid with alot of homes in short sale means long waits waiting for bank approval. The tax credit should be extended to all first time homebuyers and other homebuyers. I pray it will happen somehow.
There are MANY buyers in todays market that could really use the tax credit to help get reimbursed for closing costs they had to pay and to complete upgrades to improve the home they purchased.
I also think the goverment should go back and allow the first time home buyers that purchased their homes in 2008 to not have to pay back the tax credit like the first time home buyers this year.
Our feeling about the situation that presently exists it that when this program ends there will be many people that will have missed the boat because the were tied up in multiple offer "short sale" delema finding themselves waiting for months for a specific property, only to miss out on the home and the Federal tax credit.
* 67% are motivated to buy by the tax credits offered
* 62.5% feel the pressure to buy right now
* 16% will actually stop searching for a home if they donâ€™t get the tax credits. Shocking!
Yes, I feel the tax credits should be extended, but on a *scaled back* version, as it continues to spur the entry level real estate market in the Bay Area and is a driving force in jump starting the Bay Area market. I would like to see a more normalized market where buyers donâ€™t feel threatened with a deadline to buy or not buy. No, I donâ€™t think it should be increased or extended out to non first-time home buyers.
Per one respondent, â€œIt's nice to have the 1st time tax credit as an incentive but it can also add unnecessary pressure to buy for a lot of people who, again, maybe shouldn't. Isn't that partly how we got into this mess?â€
I'm somewhat bias like most here. In my case, I bought a modest home for the credit and because I've got a kid on the way. Due to market changes I don't expect to make a profit when the real price of the home isn't what we paid but the total for a 15 year mortgage. I rarely hear buyers or sellers say that so I'm assuming they base the value of their home on original price paid+improvements+/-comp values.
I beleive most buyers eligible for the 8k credit are not likely to negotiate it away to the seller. At a point, the incentive created by the credit disappears when the seller demands too high a price. The buyer will walk away when the incentive is removed by the seller in negotiaions.