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.