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Is There Really Such a Thing - Free Money?

By
Real Estate Agent with Keller Williams Realty - Atlantic Shore
Is there really such a thing - Free Money?

We, as Realtors, have been bombarded with email from the National Association, our mortgage reps and home inspectors calling on us to lobby for an extension of the $8,000 first time home buyers tax credit.  They call it 'free money'.


. .

They say the gains in the housing market over the last few months will be undone if this 'free money' program is not extended.

I'll be the first to admit this program COULD be responsible for increasing sales numbers (and home prices) in much of my service area, but is it 'free money'?

Doesn't somebody have to pay for it down the road...Who, and when, will that be?

Keller Williams Realty - Atlantic Shore

Laura Giannotta
609-384-6121
Laura@JerseyShoreViews.com

 

Comments (13)

Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

I'm of the opinion that the tax credit doesn't increase sales very much. I believe that folks who want to buy a home will. Now or later.

The tax credit, I believe, simply encourages folks to buy now rather than later.

Oct 16, 2009 09:45 PM
Debbie Cullen
REMAX Realty Team-Cape Coral, FL - Cape Coral, FL
Your Cape Coral, FL Specialist

on the radio the other day a interviewer was asking people on the street where the stimulas money was coming from.  Most people's first reply was "Obama"...when the interviewer asked where Obama was getting the money from....most people had no clue....

Oct 16, 2009 09:58 PM
David Jirasek
Jirasek Realty, LLC - Temple, TX
ALC, CCIM
The government can't give you anything they haven't already taken from you, can they? Maybe, you and I paid for it. Should they bring back the "cash for clunkers"?, what about the $250 lump sum payment proposal for social security, instead of a cost of living increase? Is that a good idea? Where and when does it end? These problems are just the tip of the iceberg, that our country has!
Oct 16, 2009 10:28 PM
Bob Murphy
Keller Williams Realty Consultants - New Albany, IN
The theory is the first time home buyer credit, cash for clinkers, etc. will all help to stir the economy back and get us out of this recession. There is some proof that it is working. But you are right we will have to pay it back in taxes. But again the theory is the new jobs created by these programs is where the tax dollars to cover them comes from. The alternative is a continued stagnant economy or possoibly a depression. Let's just hope it all works.
Oct 16, 2009 10:48 PM
Jim Crawford
Long & Foster - Fredericksburg, VA
Jim Crawford Broker Associate Fredericksburg VA

Only if you are a politician buying votes.  I also beleive in Santa Claus.

Oct 16, 2009 10:55 PM
Edward Bachman
EXIT REALTY SOLUTIONS - Kingwood, TX
Your Kingwood TX Realtor

Nice story and I am happy for this young couple but I wonder if my grandchildren will feel the same when they realize that they will still be paying for this couples home 20 years from now just so some politician can buy some more votes.

I for one do NOT want the home buyers tax credit extended.

Oct 17, 2009 12:24 AM
Sasha Miletic - Windsor Real Estate
RE/MAX Preferred Realty Ltd. - Windsor, ON

Hi Laura, Good post. Thanks for sharing.

Best - Sash

Oct 17, 2009 12:50 AM
Lisa Matykiewicz
United Brokers Group - Gilbert, AZ

This is a good post.  Thank you very much for sharing the video! 

Oct 17, 2009 03:40 AM
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

Out here in a strange little place I like to call reality, there is no such thing as free period. Much less when it comes to money.

Oct 17, 2009 04:01 AM
Craig Rutman
Helping people in transition - Cary, NC
Raleigh, Cary, Apex area Realtor

JL hit the nail right on the head. There's no such thing as free.

However, I do believe that if people are buying homes, they'll also buy things to run their homes.

Both are good for the economy.

Oct 17, 2009 09:20 AM
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.
Laura...I found that the only people who really gained were the ones that were going to buy anyway. We all will pay for it in the long run.
Oct 17, 2009 11:18 AM
Laura Giannotta
Keller Williams Realty - Atlantic Shore - Little Egg Harbor, NJ
Your Realtor Down the Shore!

Lenn, I agree!  I just have a problem calling it 'Free Money', and I'm probably guilty as well.

Debbie, that's a hugh part of the problem.

Bob and David, it's got to come from somewhere!

Jim & Edward, politicians always have to look as if their doing something, rarely do we realize the long term effects.

Sash, not as neat as your videos, but thanks.

Lisa, our REALTOR Association has a bunch of videos...this one struck me because our past president calls it 'Free Money"

JL & William...you're speaking to the choir!

Craig that's a very good point, but again it's not free!

Oct 17, 2009 11:18 PM
Charles Stallions Real Estate Services
Charles Stallions Real Estate Services Inc - Gulf Breeze, FL
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.

It makes the ones that would buy anyway just go ahead and do so a little earlier. Whether it is helping I'm sure is debatable and will be till the pigs come home.

Oct 20, 2009 04:57 AM