Is the First time home buyers tax credit under-promoted?

Being a Real Estate broker in Cleveland OH, I can not tell for sure that First time home buyers tax credit of 2009 has been triggering the sales in our area. We have a very decent sales activity in Greater Cleveland, however many of the first time home buyers made their decision based on their needs and ability to buy, not on availability of $8,000 (or 10 % of purchase price).

I still think that it was not enough promotion of this tax credit to potential buyers.  Just compare Cash for Clunkers campaign and First time home buyers tax credit. Have you seen on TV any home buyers tax credit advertising? Have you seen testimonials from happy new homeowners who have already received this money? Where are all these happy stories?

      We, the Real Estate professionals, overestimate availability of information about the first time home buyers incentive. We think that if we know a lot about it, it automically makes our clients informed, too.  That is wrong!

People are underinformed and confused about this great incentive! Few of my clients this year got information about this credit from me, not from the government or newspapers, and only after they've actually been involved in home buying process! I keep receiving calls and e-mails from potential home buyers who sincerely think that it's too good to be true and can not believe that it's about real money.

We had few excellent posts here on Active Rain about controversy of the First time home buyers tax credit. Although I agree with the concerns about over-spending by our government and especially regarding the dangers of welfare mentality, I still think that this tax credit can make more good than harm to our economy. The problem is that $8,000 Tax credit has been promoted more among the professional audience than among the potential recipients of this credit.

Sure, we, the REALTORS(R), do a lot to spread the word about its benefits, which sometimes creates a false idea that we are the only ones who are selfishly interested in such incentives.

Working mostly with moving-up clients and with the investors, I personally did not have a privilege this year to help too many first time home buyers. I know for sure out of my little experience that those few clients of mine who have already received money from the government, used this money mostly for home improvement and for making their new homes beautiful. Did tax credit money help to do all these purchases and improvements? The answer is YES!

I agree with those who support the idea not to let the Tax credit expire on November 30, 2009.

What do you think?