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Tax credit extended!!

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Great news!!! The Senate has approved the extension of the tax credit, but I believe the House still needs to approve it. The story can be read here: http://www.msnbc.msn.com/id/33522046

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October 28 - Brandon

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Pasadenan
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The house doesn't pass the senate bill; they have to write and discuss and modify... their own first before there is any reconciliation between house and senate bills and all that has to happen before the President even gets an opportunity to veto it.

Besides, it is really bad news because the existing credit hasn't even expired yet, so all this effort is premature. But it indicates how WORRIED that congress is that the housing market will completely fall off the deep end and thus result recession will get 10 times worse if they don't "prop it up"; which means that houses are still WAY WAY WAY overpriced!

And WHY is it "great news" that the government is stealing from those buyers of low income in order to GIVE it away to the mega financial institutions?

Haven't you read ANY of the discussions on this subject on this board?

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October 28

Sara Hoekstra, "SaraHoekstra"
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Sara Hoekstra, "SaraHoekstra"

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I believe that the tax credit has been great for at least the Phoenix area. The tax credit has definitely caused more buyers out there, to the point where there are bidding wars on homes that are not short sales. This is causing the price of houses to go back up. The home prices have dropped significantly in the past few years, so I do not believe that the houses are still Overpriced.
I think that the extension of the tax credit is great! I have many first time home buyers that I've been speaking with that will still be buying homes in the next few months even though they will not make the original deadline of the end of November.
I'm not quite sure how the government is "stealing" from buyers with low income. If anything, the buyers with low income are able to get some cash back after they purchase their first home!
This is a great program!

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October 28

Pasadenan
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If the houses are not "overpriced", than the people would be buying with no "giveaway", and the government would see no reason to continue the program.

You yourself said that it was causing "bidding wars" in your area and "causing house prices to go back up". That means you want to continue the BUBBLE forever in order that the government can collect HIGHER PROPERTY TAXES! THAT is PURE THEFT! Besides, all that "give away" money is going straight to the lenders since the people are NOT buying for cash, and are paying $20k MORE that the house actually costs!

SO, the government is NOT ONLY stealing in the form of "increased taxes", but ALSO by GIVING AWAY all that extra money the BUYERS are forced to spend to the MEGA CORPORATION "financial institutions".

The bailout is for the banks, not for the people.

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October 28

Pasadenan
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"If anything, the buyers with low income are able to get some cash back after they purchase their first home!"

Oh, you are "enticed" by every "rebate" offer just because it puts cash in your pocket?

How about I sell you a $10 sweater for $1000, financed at 6% interest rate over 5 years, and put $20 back in your pocket in the form of "cash" up front?

So, I would "invest" $30 plus shipping for you to pay me $1260?

And you would have to pay me that $20 cash in the first purchase?

Why don't I give you $100 cash? You would still end up giving that all back to me in less than 6 months! I would "break even" within 7 months, and still have $1140 of "pure profit" within 5 years!

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October 28

Pasadenan
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Besides, most of those buyers are not getting that cash up front, but are having to wait months for it since they won't file their tax returns until between January and April 2010, and then they government will still delay in issuing any "checks", for about 6 weeks. And they end up spending way more than the 8k for all the other "closing costs" and "inspections", and "insurance", and "property tax".... just so that you can have your commission and so that they can "get that cash back in their pocket".

I know, you would say they would spend that money regardless. Well maybe, but at least without the give-away, the houses would cost $20k less!

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October 28

Pasadenan
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first purchase --> first *payment*

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October 28

NTETS, "Caveat Emptor"
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the senate has yet to approve a version of the bill. the senate voted to approve an amendment to a proposal, thats all.

thats not even news, so far as i'm concerned. although, i have no doubt that it will be ultimately approved...

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October 29

Pasadenan
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I was thinking that might be the case as I thought it was not even going to the floor until next Tuesday, but then I get time mixed up sometimes.

Thanks for the clarification NTETS! Too bad MSNBC distorts the information and Realtors have no idea how to interpret it.

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October 29

klarek the realist
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Shannon, you think that is great news? You industry folks are sick, evil people. I'm not kidding, you all would sell this country to the devil if it brought you a commission.

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October 29

Valrico REALTOR
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Yes, I do think it is great news for those who are buying their first house especially since all the other first time buyer programs are almost non-existant anymore. Yes, buyer's have to wait for the money, but at least they are getting something when they do their taxes, and yes, I believe it is helping sell homes instead of having a home sit unoccupied and risk being vandalized.

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klarek the realist
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You mean it helps agents earn commissions. I've seen prices in my neighborhood bid up over $30k from where they were a year ago because of this credit. Tell me you haven't noticed the bidding wars yourself. Buyers out there shelling out amounts in excess of what they'd pay without the credit existing, in amounts far exceeding the $8000. It's propping up housing prices, will put more homeowners underwater in the future, and is costing the taxpayers billions.

There is no economic justification for this. It's a gift to your industry at the expense of taxpayers and our economy. This is why people think you agents are soul-less, money-grubbing dirtbags. You're destroying people's lives and our nation's economy.

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October 29

Lew Corcoran, "Lew Corcoran"
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The first-time homebuyer tax credit has NOT been extended - yet. It has only passed the Senate Committee. It still needs to be voted on by the full Senate, the House, and signed into law by the President. Until that happens, it has not been extended, and the details can still change.

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Valrico REALTOR
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First, I would like to say that I'm sorry you feel that all "agents are soul-less, money-grubbing dirtbags." Not every agent is like that. It's like saying every man is a pig and every woman is a female dog. I genuinely care about other people and I did not become a REALTOR for the commission. I am happy for my friends, family, and other homebuyers that are able to get something for buying their first home since, like I said earlier, the first time buyer programs that used to be around in my area are pretty much non-existant anymore.

As for buyers paying more than they would if the tax credit were not available, I do not believe that is the case in my area. I provide my sellers and buyers with a Strategic Pricing Analysis to make sure that a home is competitively priced to get it sold so that it does not sit on the market for too long, and to make sure that the buyers do not over pay for a property.

I'm sorry that you feel so negatively about this situation.

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Pasadenan
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Well, considering you posted totally false information in the thread title, I'm sure you are just mistaken.

Eventually you will find out. It is not our responsibility to educate you.

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October 29

Pasadenan
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And by the way, if you can't even get the information correct about the news, why would anyone trust you with any buying or selling strategy? I certainly wouldn't. I have 20 realtors I trust, and I have no intention of hiring a realtor that tells me blatantly false information up front.

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Pasadenan
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And I would be happy to sell you a $10 sweater for $1000 with 5 year, fully amortized payments at 6% annual interest too.

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October 29

somersetVA
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Great news? I don't feel that way. It is just going to prop up the housing market temporarily and postpone the inevitable....at a big price to tax payers.

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Pasadenan
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And since you obviously don't mind waiting 6 months for your "free money"; I'll wait to send you that $100 "up front cash" for 6 months from purchase, so that I would just be sending some of your money back, and that I would have already covered all my expenses by that time. Then the rest of the payments you make will just be money in my pocket.

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Pasadenan
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"I''m not kidding, you all would sell this country to the devil if it brought you a commission." -

They already did. Just look at that huge stock pile of weapons of mass destruction, with a majority of them on "trigger alert"!

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October 29

Valrico REALTOR
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The information I posted is NOT false. I stated that it still needed to be approved by the House and that I believe it is great news that the Senate came to an agreement. Yes, maybe approved was the wrong word to use, but they did come to an agreement. Yes, it has not YET been officially extended, but it most likely will be with some of the details possibly changing. I do not believe I posted any false information and instead refered readers to a news article.

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Pasadenan
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The senate didn't come to an agreement, only the subcommittee did, and the senate only voted on an "amendment". That is all.

The bill has not gone to the senate floor for a vote yet.

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klarek the realist
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Shannon,

"As for buyers paying more than they would if the tax credit were not available, I do not believe that is the case in my area."

Why is it that agents are almost always completely ignorant about the markets they work in? You live in the Tampa area. Prices are up there per Case-Shiller since April, when the credit kicked in. People are now paying more than the houses will be worth in a year, and will be underwater. Those are your clients, people you think are getting rewarded with taxpayer dollars to buy homes that will plummet in value when the credit expires.

I cannot even count the ways that this is bad for our economy. You seem completely ignorant of economics and what this is doing, not to mention how it's impacting your own market. Case-Shiller numbers are up all across the country because of this.

But let me ask you a basic, simple question: Is it right for the government to spend $20 billion to get people to buy houses that they either A) were going to buy anyway, or B) couldn't/wouldn't/shouldn't have bought without the credit?

According to NAR, fewer than 1 in 5 that got this credit bought a house because of it. That means that it is costing more than $40,000 to create an additional sale, which would have occured at some point in the future and now will not. How can you industry people be so stupid? Answer: it spurs temporary sales, boosts your commissions, so you don't give a crap how it hurts the country.

And I didn't say that I think agents are soul-less dirt bags, I said most people do, and for good reasons.

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October 29

Pasadenan
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Besides, when you state "tax credit extended", it implies that the president ALREADY signed it and it has already become "law", which is blatantly false, unless you were talking about the 2009 tax credit that took affect toward the beginning of this year.

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October 29

dacolan
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I provide my sellers and buyers with a Strategic Pricing Analysis to make sure that a home is competitively priced to get it sold so that it does not sit on the market for too long, and to make sure that the buyers do not over pay for a property.

The fact that you don't see the contradiction in this statement is alarming. Pricing something "competitively" for a seller (based on spurious buying power due to a gov't manipulated market) based on comps, and making sure that "buyers do not over pay" based on real value (i.e.: price-to-income and price-to-rent ratios, in an economic climate where both incomes and rents are falling) in such a market are diametrically opposing goals which cannot be logically resolved.

I'm curious, what exactly goes into one of your "Strategic Pricing Analysis?"

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October 29

Valrico REALTOR
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This is a discussion about the tax credit getting extended, isn't it? So I feel that the title is just fine.

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October 29

jdsdaddy
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Just wait until the inevitable decline in prices resumes. Then we'll see all the people who bought because the tax credit was just too tempting wail and complain and ask for another handout or bailout. They'll say that they were duped and conned and didn't know any better. And chances are they'll get what they want.

Meanwhile, those who didn't buy into the hype continue to pay for the greed and stupidity of the ones who did.

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workabee
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The stupid always wins when government is involved. Builders and realtors know the truth. Without the credit, the free fall would continue and they would have no money coming in. The buyers credit should be called what it is Welfare for Agents.

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October 29

klarek the realist
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jds, exactly. This garbage credit has seemingly revived the mentality that our retarded populace had during the housing bubble. And when this goes kaput and prices tank and put these people under water, they'll be pissed off. Meanwhile the agents can play dumb saying that nobody can predict the market, like they are absolved of any culpability whatsoever.

Notice how Shannon won't address the obvious substantive issues I pointed out. This credit is so awful for our economy and will hurt so many people, you literally have to be bribed into believing it's a good thing. Hence, most agents seem to think it's awesome.

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October 29

Valrico REALTOR
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The Strategic Pricing Analysis (SPA) informs sellers of the current market and helps prevent them from over pricing their property, which in turn gets it sold faster and prevents it from sitting on the market for too long. As for buyers, it prevents them from paying too much for a property by showing the current market activity.

A SPA consists of what a buyer can pay (the homes avaiable for sale in a specific neighboorhood), what they did pay (homes that sold in a specific neighborhood), and what they refused to pay (expired listings that were priced too high and did not sell in a specific neighborhood). This allows a buyer and/or seller to see what is currently going on in their neighborhood and therefore can price a home correctly and not overpay.

This tax credit is not only benefiting buyers, but it is also benefiting sellers that need to sell their house, but would not be able to otherwise.

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Pasadenan
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Of course you "feel" like the title is "just fine". That is why you can't comprehend what you read.

something extended --- means it already was extended, not that it MIGHT be extended in one or two months.

That is that nature of your "false advertisements" and why I would not select you to represent me.

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