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Why are so may obsessed with this silly tax credit?

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I would be more concerned and cautious about purchasing a home during the worst RE market in history that was the catalyst for the nation's current situation.

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February 10 - Chino Hills

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Pasadenan
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I don't think people are obsessed, with it; I think most don't understand it, and thus are trying to figure out what the government is offering, and to figure out if one buys too early wheither they will lose more than that.

But I think AzRob has the right idea; if the prices are sufficiently low, and one is planning on buying anyway, you might as well accept the gift the government is offering. But it won't save the economy or even the housing market. It is just a minor perk to a small group of people to try to keep things from being too stagnant.

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February 10

SlickPoetry
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lol, rob, I know. I just have to try to look on the bright side, even if there isn't one.

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February 10

Roberto Ribas, "azrob"
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slick: there is no comparison, 15000 that you never have to pay back is about 10 times more valuable than 7500 you have to pay back.

That being said, homes I am looking at have dropped 15,000 in price over the last 2 months, and I'm still just watching. Maybe by late next fall, with lower prices plus the 15k, I might jump a few months earlier.

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February 10

SlickPoetry
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yeah, I'm just trying to convince myself the plan I fall under is better, lol.

Since I closed on my house in January, I won't qualify for the $15,000. I need to learn to be happy with the $7500 :)

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February 10

sunnyview
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I agree with you slick, but the $15,000 sounds so good. Better than the $7500 even though I actually like plan's structure a bit better. I am not sure it will provide a concrete benefit for people looking to buy in this dicey market.

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February 10

SlickPoetry
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when I found out the $15,000 was nonrefundable, I stopped caring.

Its almost better getting a $7500 refundable credit, even though we have to pay it back, where else on earth are you going to get a 0% loan payable over 15 years? Your uncle Morty?

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February 10

sunnyview
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It sounds good on paper--almost like a $15,000 gift. I don't think most people really understand that they will not see the money in their hand when they close. Or really even afterwards, unless they have the income to get it back in a tax refund.

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February 10

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Why are so may obsessed with this silly tax credit?

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