Comments on: Extended Home Buyer Tax Credit May Not Be Good For Existing Buyers

By: ffb

ffb — Tue, 24 Nov 2009 04:31:51 +0000

I hear you! My wife and I feel like our timing is always off also. But in the long run you buy a home because you need one not because you want to take advantage of a tax credit.

By: Trevor

Trevor — Mon, 23 Nov 2009 07:44:14 +0000

I’m going to wait for a year or so after these credits expire to upgrade. There are a lot of good deals around lately, and I’ve been tempted to jump on them. However, they are flying off the market. This is no dobt sue to the first time buyer credit and now this one will keep it going a bit. I don’t qualify for either credit, since I purchased my current home 2 1/2 yrs ago. It was a dumb move. I thought with the way prices were going in this area I’d better buy now, or I would never be able to afford anything. Then it all crashed. I wish I still had the money I had saved for the down payment. I could afford so much more in today’s market. I’d say that about a year after these credits are gone, the market will be prime for me to buy something at a great price without relying on this “free” money.

Oh, and I couldn’t do anything with “cash for clunkers” either. I’m just never in the right situation for this stuff. We are all paying for these incentives, yet only a select few get to cash in. Don’t get me wrong, I would jump on the cash. But I hate paying so that other people get deals I don’t have access to.

By: ffb

ffb — Mon, 23 Nov 2009 01:50:55 +0000

If we took the total money you’d spend on the house then the $6500 is even less. My point is that for an existing home owner the available credit works to keeps prices stable, whereas without the credit prices could very well drop further than what the credit is worth. This is especially true of more expensive homes. Just because a tax credit is out there doesn’t mean it’s good for you to chase after.

By: jake

jake — Sun, 22 Nov 2009 19:50:11 +0000

why look at it as a % of the purchase price, why not as a % of the total money you’ll spend on the house or on the downpayment only. Its arbitrary to compare the $6,500 to the purchase price. Its not like that’s exactly the amount many people pay for a home.

By: ffb

ffb — Wed, 18 Nov 2009 20:33:41 +0000

That’s an interesting aspect to it. If you are selling then these credits can help keep prices higher and may allow a buyer who wouldn’t have had the money otherwise.

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Carnival of Money Hackers – My Money Success Edition — Wed, 18 Nov 2009 09:03:45 +0000

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By: CindyMorus

CindyMorus — Wed, 18 Nov 2009 07:00:57 +0000

I was planning to put my house in Hood River, Oregon on the market in February in preparation for a move to Elk Grove, CA in early summer.

Now I’m going to put it up for sale in early December so it will be available if anyone is looking to take advantage of the credit.

I’m also hoping it will sell in time for me to use it.

I wouldn’t have advocated for the tax credit because of many of the reasons listed in other comments, but you can darn sure bet I’m going to take advantage of it since I was already planning to sell and buy during the time period!

Cindy

By: Ashley

Ashley — Fri, 13 Nov 2009 21:05:19 +0000

The price of housing in my area has remained pretty steady despite the housing market. I have however, know a few people that are buying houses just to get the credit without thinking about long term repercussions. I fear that this type of quick fix in giving people a tax credit will only end in another bubble, when those people still can’t actually afford the house a few years down the line.

By: Extension granted to first-time Home Buyers | NineCents

Extension granted to first-time Home Buyers | NineCents — Thu, 12 Nov 2009 20:22:29 +0000

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By: Personal Finance Buzz

Personal Finance Buzz — Thu, 12 Nov 2009 17:33:47 +0000

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