What's with the home buyers not taing advantage of the $8,00 tax credit?

Real Estate Agent with William Raveis Real Estate and Home Services

Well, you have to close on a home by November 30th. to take advantage of the 8K tax credit. They are really not talking about extending it either.

 If you do not have some thing under agreement now, forget it for the most part. Put it all down on paper. Even if you have been saving, you will never see these prices (in the east) or rates like this. Even if you have been a squirrel with your money, FHA is the way to go. Fore go the fancy wedding, lets talk a roof over your head, and some nice equity down the road. How fast people forget about a wedding...sorry, but this is true.

I sure wished this was available to me when I was buying my first house.

Comments (3)

Suzanne Gantner
Realty Texas - Round Rock, TX

I pray that they extend the $8,000 tax credit.  I got something from NAR today for us to send in en masse how much we want this benefit to be extended.  I think it is probably #1 as to why the home sales are rising.  I also agree with you regarding the wedding - elope and use that 20,000 toward home and furniture...weddings are such a waste of money.  Oh well just my opinion.

Sep 15, 2009 01:56 AM
Terry Miller
Miller Homes Group - Tyler, TX
Miller Homes Group and Tyler Apartment Locator

If they extend or not, they need to look at what it takes to get a loan. That is why more people have not used it.

Sep 15, 2009 02:00 AM
Paul Durry
Collateral Solutions Inc - Lawton, OK
Former Broker Associate, CDPE, CIAS, CHMS

Around here the buying transaction usually takes about 21-30 days, barring repairs issue, title issues, etc. So for the most part most part new buyer that qualifiy for the tax credit have about 42 days left to purchase. There are only 72 days left until the deadline of November 30th.

Sep 19, 2009 05:43 AM