Profile picture for henrique_dasilva

what seems to be the thinking for folks regarding home sales once the 8K credit is over ?

will sellers hold steady, with their sales prices, and try to dump inventory now, because they know they can get stuck after the incentive is over,   and will have to drop on their asking prices, since there will not be the incentive to buy now that we have today ?   I figure, I qualify for the 6500 incentive, which translates into about 10K on a price of a home.  If I wait until afterwards, any price drop on a home that is over 10K,  it would be the same as getting the credit.  So,  I might be willing to wait, and take my chances.  What is the prevaling thinking out there ?

thanks
  • April 11 2010 - Lowell
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Answers (11)

Profile picture for nwhome.us
And as you wait....the interest rates rise.
The seller paid closing costs will take you further than a price reduction. Use the seller's $6,500 to buy the rate down.
Business will continue after the subsidies are gone as long as the employment begins to improve.
  • April 12 2010
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It will be business as usual
  • April 12 2010
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I'm actually waiting for an extension to this credit but not until the last minute.

Either ways, business will continue and another incentive, credit, etc will come along to replace this one.. In Central Florida, there's also a Neighborhood Stabilization program going on to level out the neighborhoods that have alot of foreclosures, so there's always something. This is just the latest and greatest... for now.
  • April 12 2010
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Profile picture for klarek the realist
" And as you wait....the interest rates rise."

And as interest rates rise, that pushes prices even lower. 

" I'm actually waiting for an extension to this credit but not until the last minute. "

Yes you agents sure love watching us taxpayers get fleeced to promote your business, I know.
  • April 13 2010
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Profile picture for dacolan
Between the expiring tax credit, rising interest rates and higher lending standards, demand will likely fall.

Between the unemployment epidemic, diminishing household demographic trend and looming foreclosure inventory, supply is likely to rise.

Falling demand coupled with rising supply is the primary rationale so many economists are using to project house prices nationally to fall for the foreseeable future.
  • April 14 2010
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Profile picture for David Tellier

I think that most anyone that was motivated by the tax credit has already made their move.  What happens next will depend on what happens with the employment figures in Massachusetts.  If employment goes up, home sales and house prices will follow.

  • May 09 2010
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And if space aliens arrive in mass and begin buying homes, there will be few homes left for humans to live in! better buy now!!!!
  • May 09 2010
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Profile picture for bjmarchini
I think people were taken out of the market by the tax credit.  So you are looking at slow sales for the next 6-12 months.

I was going to pull the trigger myself, but circumstances warranted me to hhold off.

contrary to what the media wants you to think, we are still well in the recession on main st.
  • May 09 2010
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Interest rates will be going up and there are still plenty of buyers out there that now know they are pre-approved and will continue looking even without incentives.
  • May 10 2010
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Profile picture for Lisa Jonz
Hey Klarek, we agents pay taxes, too and are getting equally fleeced.  I know I just love paying too much in taxes then having it handed to the dirt bags who have pillaged the people and continue to play stupid.

 I haven't been on her for a while, but I certainly remember you.  ;)
  • May 10 2010
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Profile picture for natewolf
The lower priced homes are more affected by this incentive. But highly qualified buyers are still getting excellent rates, great incentives such as price reductions or rate buy-downs, and are looking at the housing purchase more long-term than a quick buck in a rebate.

In North Carolina we still have 100-percent financing available for qualified buyers! Now that's an incentive!

And have you seen the special rates from Bank Foreclosures like 3-percent down, 2.99 percent interest regardless of purchase price? There are other incentives if you look for them. Even today a Builder called to make a "reverse-offer" to my buyers to take $55,000 OFF the purchase price of a home they have in inventory and is ready to move into.
  • May 10 2010
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