Profile picture for borisminkovskiy

Is there any talk of another extension to the first time home buyers tax credit?

We are considering buying a house, but if the credit stands a chance of being extended in the next few months, we could definitely hold off.


Thanks
  • May 20 2010 - Northbrook
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Answers (10)

I am afraid there is no talk of another extension at this time. 
  • May 22 2010
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Profile picture for Blue Nile
Rates have been dropping since the European government Debt crises issues last week.  Housing prices will begin to fall as the impact of the loss of incentives takes it toll.  Interest rates will not be rising above 5% nominal within the next 6 months.  Housing prices are still over inflated by 15% or more in many areas.

There is absolutely no "rush to buy" presently, unless you consider all the Realtors® that will have foreclosures on their homes if they don't find some commissions to pay their mortgages soon.

But rushing to buy because someone else needs a commission is plane foolishness.
  • May 21 2010
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Profile picture for wfamilyman
Buy now and enjoy life.Prices are low and interest rates are the lowest i have seen in my life.[Im 50 years old] But more importantly, here today,gone tomorrow.Do not try and pick the bottom,IF you find your dream house.BUY IT.
  • May 21 2010
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Profile picture for hpvanc
There is starting to be some talk among the pundits of deflation again, http://articles.moneycentral.msn.com/Investing/top-stocks/blog.aspx?post=1759018  is one article on it.

If deflation turns out to be the case we are in for continued low interest rates and further price depreciation.  Just look at what has happened in Japan over the last 21 years.
  • May 20 2010
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I respectfully disagree with the last comment. Most people do not actually purchase a home. They purchase the money to afford the home. If mortgage rates go up ine percent from the level they are your payment will increase about 19%. Getting the home at the right price is always a good thing. getting a great interest rate is the cherry on top. While the last person makes some good points the one thing you will never get back is the time you loose waiting for the knife to fall to the lowest home values possible. No one knows when that will be. We do know that rates are very low. Take advantage of them. There is no telling when another tax credit will come up. If I had to guess on another program I would say sometime after august and before the mid term elections. Politicians like to be re elected, This is easire if there is the impression of prosperity. This information is in my professional and humble opinion. The beauty of this business is that there is always a great deal somewhere and every transaction is unique. Enjoy!
  • May 20 2010
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Profile picture for Ed F
  • Ed F
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Buying when interest rates are low is a mistake.

House prices fall as interest rates rise, as a fixed monthly payment covers a smaller mortgage at a higher interest rate. Since interest rates have nowhere to go but up, prices have nowhere to go but down, since even prime borrowers will qualify for less house. This way you get capital appreciation created by any future interest rate declines. To buy at a time of low interest rates and prices that are still not corrected (thanks to tax credits and the like) is a mistake.

If you pay a lower price with a higher interest rate instead of a higher price with a lower interest rate, the mortgage payment is the same either way.However, your property taxes will be lower and if interest rates fall again during the time you own the house, prices will increase, meaning equity gains in your home.

  • May 20 2010
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Currently there is nothing in the works.  However, interest rates are at an all time low - so this is a great time to buy! 

  • May 20 2010
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Profile picture for wetdawgs
I hope not. The money has to come from somewhere, and certainly isn't in the budget.    But, there are some state and local incentives still in force.
  • May 20 2010
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Lots of local governments are now offering incentives. Find out about Northbrook by calling a local Realtor or your state representative.
  • May 20 2010
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Not according to Congressman Johnnie Isacson.  However, that does not mean that congress will not develop some other incentive. 
And, in any case, interest rates are at an all-time low.  So if you are thinking of buyer, this could well be the time, even without incentives!!
  • May 20 2010
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