Home Buyer Tax Credit

I have seen a great increase in first time home buyers in the past few weeks hoping to take advantage of the home buyer tax credit.  I am wondering why the buyers have waiting until now when the tax credits went into effect some months ago.  Agents have been promoting the credits. 

If you are a buyer, share your reasons for wanting to take advantage of the credits. 
  • October 17 2009 - Snellville
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Answers (8)

Hi La Shonda,

I did an impromptu poll on Facebook and Twitter and found that most buyers in the California Bay Area have been more concerned about finding the right house then on losing the tax credit. I will say this though. The buyers who have taken advantage of this gift are very happy. In fact one of our clients revised their 2008 tax returns and received the credit plus interest.

  • October 17 2009
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lets see if they are still happy, after the credit ends, and home prices start going down again...
  • October 17 2009
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Profile picture for BMFPitt
If you are a buyer, share your reasons for wanting to take advantage of the credits.

I'm a buyer who will be getting the credit, and I wish for everyone who lobbied or voted for it to be hit by a falling piano.  I would have strongly preferred to buy a similar house for much cheaper and not gotten to look forward to having my grandchildren still paying the interest in order to keep houses unaffordable.
  • October 17 2009
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Profile picture for lamaSr
I think many, if not most, are using the tax credit because they do not otherwise have a sufficient downpayment.  This is a similar situation to subprime lending of 4 years ago, which worked out well for a while.
  • October 17 2009
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I am happy to see that this credit is allowing many to be able to afford to purchase.  I am also happy to see buyers who are purchasing homes well below the amount that they qualify for instead of trying to purchase at the very top of their price range. 
  • October 18 2009
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Profile picture for klarek the realist
The credit is horrible.  How is it a good thing for a program that allows people to purchase homes?  Isn't that what got us into this horrific mess in the first place and nearly destroyed the economy?  You think that's good?

The tax credit is terrible.  It's pushing the demand for housing, artificially propping up the bubble prices, and wasting taxpayer dollars to do it.  Anybody that thinks this is good needs their head examined.
  • October 18 2009
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Profile picture for BMFPitt
I am happy to see that this credit is allowing many to be able to afford to purchase.

Did you even read any of the responses, or did you start to and your NAR training blocked out the actual words?
  • October 18 2009
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Profile picture for Blue Nile
"training"?

Don't you mean "propaganda indoctrination"?
  • October 26 2009
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