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coliron

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I am going to buy a home, since mine just sold. Should I wait until I can find out if the 8k tax credit is going to be extended and include more than just first time home buyers?

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October 02 - US
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Louis Wolfson, "Louis Wolfson"

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As you know if you just sold the 8k credit won't apply for you if you buy.  It would be nice if they extend it and include everyone.  More importantly if you presently find the right home and can get it at a bargain price, it will far out weigh the tax credit.
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October 05
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Now would be an excellent time to find a rental for a year if there are any available that fit your needs.  There will be no better way to gain equity over the next 6-12 months than keeping your sale proceeds out of the housing market.
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October 05
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sunnyview

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I think you need to make your decision independent of the "maybe" tax credit. Personally, I do not think it will be extended to more than first time buyers because it would severely overheat the market and risk another bubble in a few years, but that is only my opinion. Take time to research your local market and get an idea of where things might be going in your area and about what historical prices have been prebubble. If you decide to buy, Christmas is often a time to get a good deal and the buyer credit people will be out of the market by then too. Run the numbers and see what makes sense for you. No need to rush.
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October 05
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Maria Morton, "MariaMorton"

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That's a tough decision, coliron. Since none of us know if congress will extend the credit and include more than first time buyers, you may have to decide how long you want to wait for their decision. Doesn't congress usually take off for a while around Christmas?
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October 04
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Paul Klenk, "paulklenk"

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If the 8k goes away...  Sellers will have a serious lack of activity.  That plus the normal slowdown of the winter market in most areas makes Late Nov - Mid Jan the best time.

If the 8k is renewed/extended in any form (although I can't see how the gov't could broaden it to include any buyer, not just first-timers) the winter is always a better time to buy.

Good Luck.
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October 04
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NTETS, "Caveat Emptor"

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the tax credit shouldn't drive your decision, in fact in most cases it hurts you. people its more money chasing the same number of goods. all it does is add 8,000 to the price of the home before you buy it.

you should wait until the market dies down again and after we see what happens in 2010... 
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October 04
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country_hick

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look up alt-a mortgages. Look up sub-prime mortgages. Look up reset on each. The subprime is at least 50% gone through. the alt-a (prime mortgage) will soon hit and increase foreclosures. The more foreclosures the better the prices for a buyer. If you can wait until 2011, maybe 2012 you are likely to find better prices. The question is really this: Do you mind renting? Do you need a place of your own? Can you wait and not mind if prices get cheaper? If you decide you can wait I see no hurry.

One thing is almost certain. When the tax credit dies the houses will drop by that amount. It was a fake support level. Do your research. Look up mortgage resets, look up case-schiller price of house since 1890. You will see how things are out of whack with pricing. Make your own choice. I wanted to buy the last few years. I am holding off for at least until next year knowing what is happening.

The more you look at what is going on with housing the worse it looks. And think about one thing. You sold a house. You have cash. WHen the government big buck programs suck all of that money away from the economy not a lot more is left. INterest rates must rise. When rates rise prices go down. If you can afford $1,000 a month and $50 goes to interest you can afford a $950 house. When it costs you $150 for interest the house itself can only cost $850. That makes a huge difference in the $100,000+ cost of a house. No matter what the real numbers come to, the principal of interest costs remains the same.
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October 04
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Ofe Polack, "Ofe Polack"

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Do you have a place to go now that you sold your home?  How long are you willing to wait until a decision is made on another tax incentive?  There is no guarantee that another one will be put in place at the moment.
Good luck with whatever decision you mak and when that is done, please, do not second guess yourself. 
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October 03
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CORONA NICK

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Your lucky you out of the market, I would wait for sure before stepping back in.

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October 03
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Sam DeBord, "SeattleHome.com"

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There's no guarantee that it will be extended.  It could be increased/extended/ended.  Buy based on your situation and what makes good financial sense.  Don't try to guess what will happen in December.
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October 02
 

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