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Buying a Home is About to get Cheaper

Real Estate Agent

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For a whole new crop of homebuyers — $6,500 cheaper.

First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the Senate voted Wednesday to extend and expand the tax credit to include many buyers who already own homes. The House could vote on the bill as early as Thursday.

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November 05 - Keller

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klarek the realist
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klarek the realist

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The tax credit has made it MUCH more expensive. Prices in my town are up more than 10% since April. I don't know why you industry folks are so clueless or dishonest, but it's really insulting to the rest of us.

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November 05

Tiffany Bond, "TiffanyBond"
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Sadly, most people in real estate have not taken economics classes and use very flat definitions of words like "cheaper". They are not qualified to discuss opportunity costs, market impacts, etc.

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November 05

The Red Squirrel
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The Red Squirrel

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Not only that, but the opening post is taken word for word from an AP news article without citing the source or author.

http://www.kansascity.com/437/story/1550378.html

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November 05

Jason Bonas, "Jason Bonas"
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Jason Bonas, "Jason Bonas"

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the only way for homes to get cheaper would be to eliminate the tax credit and not propose or introduce a new one. The credit increases Demand. Supply was high and demand was low, so prices dropped. As demand increased and suppy was reduced the prices went up.

If you want to see house prices go lower eliminate the credit. If you buy a house for $15k less it is equal to getting a $15k credit plus an additional $40,000 (roughly) since over 30 years that is what would save.

with that said... the credit has its good and bad points

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November 05

jonestim
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jonestim

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The real estate industry lobbied for the extension to keep demand up, saying that without it the market will go "soft." Soft = less demand. Less demand = lower prices = good for buyers = bad for sellers = bad for agents.

As a potential buyer I will be waiting until the credit goes away before I actually do buy. When the credit does go away we will see prices drop accordingly and many people who took advantage of the credit may find themselves underwater on their loans. I think we may see many of these people in foreclosure in a few years. Don't let that be you. Do your research on your local market.

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November 05

itstrey
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itstrey

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No, this is not actually good for agents. it stagnates the market. Agents make money when the market is going up and they make money when the market is going down, not when it is stagnant (as we have in Austin). A market that is artificially inflated by these credits really doesn't help anyone but sellers.

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November 05

Pasadenan
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Pasadenan

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Well, if we read what is NOT written; it is POSSIBLE that homes may drop in price again quickly... SINCE the house has not passed an "incentive" bill yet, and there has been no reconciliation between the house and senate yet, and there is nothing going to the president's desk for signature yet, and there is only 25 days left until the existing credit "expires"!

If the house will just leave well enough alone and let the credit expire, we may actually see prices drop quickly temporarily. But only long enough for the government to decide that they still want to prop up the housing market and pass a "tax credit" incentive anyway.

Actually, anyone offering now should be assuming "no credit" (since they cannot close in less than 25 days); thus should already be offering at least $10k less.

I'm waiting to see if Zillow's trend data from the sales is going to show this drop.

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November 05

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