$8,000 Tax Credit proves to be successful for now!

By
Real Estate Broker/Owner with On the Move REALTORS, Inc. 197906 KY

I have witnessed and represented many first time home buyers over the last 6 weeks in the Louisville, KY area. First time home buyers are a very special group in that they seem to really appreciate your efforts as their Realtor. They love for someone to actually hold their hand through the entire process. They are excited and look forward to owning their own home.

And of course, as a Realtor, I get excited to see their excitement in the American dream- owning their own home. One of my latest clients has paid rent for over 8 years. Do the math.... $750 x 12 x 8 = $72,000. Actually hard to believe. Had it not been for the $8,000 tax credit I'm not sure this first time buyer would have made the leap- so it's all good, right?

Well, not really sure what this $8,000 tax credit may do or already is doing to our National debt. The unfortunate issue may be seen down the road when we discover that our debt on a National level might really be a bad thing. Even though for now, it seems that many first timers are taking advantage of this opportunity.... I know I would if I were in those shoes. It's definitely helping the real estate market overall, but may be placing a bind on our Nation.

Only time will tell if this decision of the $8,000 tax credit was a good move or not so good.

 

Comments (3)

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

I seriously doubt that the national debt ramification of the $8,000 tax credit will come anywhere near the ramifications on the national debt of the $Billions/$Trillions handed over to banks and auto companies. 

 

Jun 11, 2009 02:58 AM
Mike Brown
On the Move REALTORS, Inc. - Louisville, KY
Getting the Results You Deserve!

True...... good point!

Jun 11, 2009 03:20 AM
Ron Wysocarski
Wyse Home Team Realty - Port Orange, FL
CEO, Pricing Specialist

At the end of the day, it is just one more program that we will be subsidizing from our paychecks.

Jun 11, 2009 03:39 AM