I read a few blog posts recently about not extending the tax credit. Paul Henderson For god's sake, let's move on! & Brian Brady Suspend the Practice Of Flesh Devouring: Let The First Time Home Buyer Tax Credit Expire
I think the government should change the program slightly and not cut it off cold turkey. Addictions are hard to stop, maybe its alcohol, drugs, cigarettes, others its sweets, caffeine (which are mine). I have never smoked, but some people struggle for years to kick that habit. I think the government should take steps to reduce the tax credit over time and not go cold turkey.
Here are a few options I think would be good to see:
First option: Cut the credit in half for 2010 to $4,000. Then cut the credit to $2,000 for 2011.
Second option: Cut the credit in half for 2010 to $4,000, but expand it to all buyers.
Third option: Cut the credit in half for 2010 to $4,000, but match sellers negative equity up to $4,000. Meaning if they come to closing owing $4,000, they get a $4,000 tax credit. If they owe $10,000 at closing, they get $4,000. This option might help reduce the number of foreclosure properties.
Fifth option: Extend current program, $8,000 to first time buyers.
Fourth option: Cut it off cold turkey.
Which option would you like to see?
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Steve Lauver, Omaha Realtor
DEEB Realty
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