First Time Homebuyer Tax Credit , Should It Be Extended Longer?

Asked by Joan Congilose, Freehold, NJ Thu Mar 18, 2010

I saw a lot of enthusiasm the 1st time it was 1st launched, not as much when it was extended a second time even though income levels were increased & included previous home owners.Should it have been extended for a longer period of time?

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15
Don Tepper, Agent, Burke, VA
Thu Mar 18, 2010
BEST ANSWER
No.

It's done all the good it's going to do. (And it's really debatable whether it did any good in the first place.) It helped some people buy homes, but may have inflated the home prices in so doing. As for the $6,500 credit for existing owners (though defined in the statutes as new home buyers) . . . I never understood that.

But, good or bad, it's had its day. Time to move on.
0 votes
Dan Chase, Home Buyer, Texas City, TX
Thu Mar 18, 2010
I have a better idea. Extend the tax credit. Everyone who waited until now and has never owned in their lifetime can get a $150k check from the government.

Anyone else on board? If not why?

$8,000 or $150,000 either way is a bribe. I would be willing to accept the big one. $8k is going to be lost as prices drop. $150k might not be. Make me greedy, bad decisions will happen, and without being bribed the desired actions will not happen.

Or let the tax credit die (as it should have before being started the first time) and let prices and the market stand on their own.
2 votes
Laura Gianno…, Agent, Manahawkin, NJ
Fri Mar 19, 2010
Inertesting question...NO!
1 vote
Leasing To O…, , Dallas, TX
Thu Mar 18, 2010
I hear you Dan...

Or...we can just have the government pay for the entire house (instead of just $8,000) to people who are interested....just raise your hand and it's yours. :)

Let the market stand on its own and stop with the government handouts. You want to buy a house.....save up the money and buy it thru your own hard work and merit.

Darin
1 vote
Christine Ro…, Agent, Mora, MN
Thu Mar 18, 2010
Should it be extended? Probably not in its currrent form. While it did some good to temporarily raise prices it was not a sustainable increase in the housing market at least where I am at. With the second wave of foreclosure expected to hit as well as the rise in need for housing for the Echo boomers it will be helpful to be present in another form. House prices are low and interest rates are low making it is a Fabulous time to buy. I would rather see the money spent on jobs and job stability in economy than on the home buyers that a fearing the possibility of a job loss. Put the money to the jobs market....
1 vote
Christopher…, Agent, Irvine, CA
Thu Mar 18, 2010
I agree with Don, I think the tax credit has run it's course and it's about time to end it. Lately buyers seem to only talk about the tax credit and worry so much they won't meet the deadline that they miss what's important and tend to rush into things.
Web Reference:  http://www.chrissuh.com
1 vote
Dan Chase, Home Buyer, Texas City, TX
Thu Mar 18, 2010
No way. The real estate market is still overpriced. Take away the support and let it come back to earth. The quicker that happens the quicker I will be willing to buy, along with millions of others who see what the artificial stimulus is doing to prices.
1 vote
Brian McMurr…, Agent, Tawas City, MI
Thu Mar 18, 2010
I don't think so. While it may have resulted in some additional Sales and given the Buyers some additional funds has it stimulated the economy? Effectively I think it's just shifted some taxpayer money from one pocket to the other.
1 vote
Jerry Barker, Agent, Atlantic City, NJ
Thu Mar 18, 2010
I don't, I never agreed with any government assistance in any free market. It's communism if you ask me. Had they never interferred to begin with , the real estate markert would have been well on its way to returning to normal, and prices of property would be affordable again. For every year teh government interferes I think its going to take an additional 5 years to correct itself. They are just prolonging the inevitable unless they plan on maintaing control over the free market permanantly.
Web Reference:  http://www.sjrates.com
1 vote
Mary Petti, Agent, Edison, NJ
Thu Mar 18, 2010
I think it probably should have been extended till the end of the year.

But since it wasn't, I also think it should have said contract by April 30th, but closings can occur for July 1 through July 31, to allow for a full 90 days after an April 30 contract to close, especially since it's taking so much time for AR periods, mortgage approvals, inspection issues to be settled etc, and the attorneys will again be overwhelmed with deadline closings.
1 vote
Francesca Pa…, Agent, Manasquan, NJ
Fri Jul 16, 2010
Hate to tell u all, but the question today , 7/16/2010, should be will Christies sign the $15k tax credit . . . to which I personaly feel is holding up the buyers. The Senate and House have approved same.

If you are not familiar with it, do so as NJAR is a primary advocate of this legislation (as witnessed by most most recent visit to Trention on healf of NJAR).

Sincerely,
Francesca Patrizio, ePro, SRES
Coldwell Banker
Francesca@PatrizioRE.com
732.606.2931
Web Reference:  http://www.PatrizioRE.com
0 votes
Frank Diaz, Agent, Honolulu, HI
Wed Jun 30, 2010
0 votes
Tean Wong, Agent, Boston, MA
Sat Mar 27, 2010
NO MORE NO MORE, let the people buy their homes on a normal market. The credit doesn't go to the buyer, it goes to seller. It drive the demand, and make the price goes up. After the credit end, the market will adjust itself and that what we all need to see.
0 votes
Jeanne Feeni…, Agent, Basking Ridge, NJ
Sat Mar 27, 2010
Agree, agree, agree - enough already. I too saw a huge surge with the first one, and not as much this go around. Not that I agreed with it in the first place, but it did help business.

But it must stop, and from all I've heard it looks like it will, unless you live on the left coast. Looks like California will be unleashing its own with all of its surplus cash.

Heaven help us!
Web Reference:  http://www.feenick.com
0 votes
Joan Congilo…, Agent, Freehold, NJ
Thu Mar 18, 2010
I totally agree with you & Don it has run its course & buyers are more concerned about getting money back tan finding a suitable house. Extension was for too short a time & right during the holidays before the Spring market. Time to move on & allocate money for other needed programss.
0 votes
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