Vicious Rumors of The Tax Credit Being Extended?

By
Services for Real Estate Pros with Auto & Home & Life Insurance throughout North Carolina

I'm going to give you a link.  However, you have to promise to come back and visit after you've clicked on it and read it.

Scout's honor?  Okay, I'll trust you for now.

Here it is.

If you comprehend the written word the way I do, you're screwed.  I'm kidding.  It's pretty evident that there is a more than decent chance that the Tax Credit for folks buying a home is going to be extended.

What does this mean?

I'll tuck away any politics, agendas, opinions, or anything (though theoretically I hate not to expound my own beliefs;) dealing with nothing about YOU right now.  Here's what it may mean:

  • The Tax Credit may be extended, which is $8,000 for the good guys (You).
  • Legitamate Home Prices continue to be in the buyer's favor (You).
  • Interest Rates are still amazingly low, which make payments on such collateral much lower for (You).

And now ends the facts and enters my opinion.  If you can qualify and are ready, buy a freaking home.  In an age where all the above exist, there's not too many better times to do so. 

Scout's honor.

 

About The Author:  Jason Sardi is human.  He's been in the Mortgage Industry since 2001 and he kind of knows what he speaks about.  He doesn't endorse anything, especially those Velcro Flip-Flops that Jennifer bought for me on the celebration of the day that I was born.  Though they were much appreciated, sweetheart.  The guy is a scout.

 

Comments (38)

Paul McFadden
Responsive Pest Control - Seattle, WA
Pest Control, Seattle, WA.

Jason: Thank you. I think you're right. We still need some kind of incentive to keep the market going. In my opinion, we're still on pretty fragile ground; anything will help! Thanks again!

Oct 11, 2009 03:33 AM
Paul McFadden
Responsive Pest Control - Seattle, WA
Pest Control, Seattle, WA.

Jason: Thank you. I think you're right. We still need some kind of incentive to keep the market going. In my opinion, we're still on pretty fragile ground; anything will help! Thanks again!

Oct 11, 2009 03:33 AM
Paul McFadden
Responsive Pest Control - Seattle, WA
Pest Control, Seattle, WA.

Jason: Thank you. I think you're right. We still need some kind of incentive to keep the market going. In my opinion, we're still on pretty fragile ground; anything will help! Thanks again!

Oct 11, 2009 03:34 AM
Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

Jason...  I am semi against this for people in general. For service people, I have no problem because of their sacrifices. Overall, Matt S. said it well on his blog...  why do people need this kind of incentive to buy. Home prices are down and so are interest rates. Besides, what ticks me off are many of these realtors and loan officers don't realize that this kind of hand out will hurt us in the near future. Who pays for this? Us, the tax payers. This is a band aide. I wouldn't be as bothered by this if it was to be paid back. What is so difficult on that?  A $8,000 loan and to pay back $45 a month for 15 years?  Come on people.. this is particularly another gov't ploy to look good in the publics eye, because those in congress are set for life. They have their health care set and their pensions. The rest of us? 

Overall, I am getting tired of people thinking that this is okay. Sure, it helps the market some. But it's a band aide. Besides, buyers have had almost 2 years to take advantage of this tax credit. When does it end? The market will be more fragile when we have to find a way to pay all of this money back. But no, our gov't doesn't think about this now.  What are we on, our 4th printing press of 2009, because we are printing money at a record clip?  lol  Let's worry about jobs, that allow you to keep your house.

jeff belonger

Oct 11, 2009 04:22 AM
Susie Blackmon
Ocala, FL
Ocala, Horses, Western Wear, Horse Farms, Marketing

I'm not getting into this one ... except to say that I think, in the long run, giving out more (borrowed) money leaves the market 'fluffed' and based on a false economy.

Oct 11, 2009 09:23 AM
Chris Fisher
Your Virtual Assistant - Concord, CA

The way the market is here, if I had the money to buy a second home I'd have snapped one up by now.  Every time I see an affordable home in San Francisco I sigh. I would love to have a place in the city. 

Oct 11, 2009 10:03 AM
Gerry Suarez Jr.
Jet Home Loans NMLS 1660135 - Maitland, FL
FL Mortgage Guru

The way I see this bill Jason is twofold. The part that exempts Service personnel from paying back the tax credit because the home is no longer their primary residence- when it's their employer, our government, that's making them move- that's a no-brainer. This needed to happen.

The other part- the extension of the tax credit- is going to be real hard to justify without extending it for everyone else too. This didn't need to happen, and as such it gives us an idea where our Representatives sit on the issue.

Still has to pass the Senate though, and get signed by the man so let's see what happens. Thanks for spreading the word!

Gerry Suarez, Jr.

Your FHA Loan Pro!

Oct 12, 2009 08:10 AM
Sarah Eubanks
Hill Valley Financial Services - Oregon City, OR
Preferred Oregon Loan Consultant & Notary Public

In my never too humble opinion, I must say that I agree with you.  Buying a home right now is a great decision!  Even aside from the tax credit (which has completely mixed reviews and emotions).

Oct 12, 2009 08:41 AM
Celeste "SALLY" Cheeseman
Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

I bet the flip flops were cute :)

What a great way to get the positive out there for buyers. Bottom line...it's a great time to buy (if circumstances allow) anyway.

Oct 13, 2009 05:52 AM
Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

David - True that.  And if I were a betting man, I'd wager that the Tax Credit is extended (as the terms sit right now).

Paul -  There are of course differing views on that, however I think it should be extended.  At the same time, I was all about it being paid back over a set amount of time (kind of like a low/no interest loan).  It didn't turn out that way.

Belonger - We are in full agreement on the repayment of such a Tax Credit.  And I'd be right behind it being extended if those were part of the terms.  I don't think that will be the case, though.

Susie - I by no means want to see the market "fluffed" in any regard.  But my expertise is in financing, not the economy as a whole.

Chris - Before my dying breath, I gotta go out west.

Gerry - Thanks for the heads up:)

Sarah - Understood.  Hope all is well over there.

Sis- They do look dapper, but the darn Velcro can be a tad annoying;) 

Oct 14, 2009 04:02 AM
Kate Kate
San Diego, CA

I for one demand an extension on velcro flip flops.

Oct 14, 2009 04:31 AM
Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Then you wear them, Kate;)

Oct 14, 2009 05:56 AM
Kate Kate
San Diego, CA

Are you saying no one likes them? I propose that The Henderson Hopper should wear them.

Oct 14, 2009 06:25 AM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Jasonn..I really hope you are right... ..it sure will be a boost  to my market ..velcro or not to velcro ..is that the question???

HelpfulHannah

Oct 14, 2009 08:53 AM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Hi Jason!  As others have said, the bottom line is NOW is the time--only 40'ish days left!  Get 'er DONE--what are you waiting for?!

Have a great weekend...

Oct 17, 2009 02:10 AM
Cameron Wilson
Labrum Real Estate - Murrieta, CA
The Short Guy - Murrieta,Temecula,Menifee Californ

Please allow me voice my freaking opinion. Buy as soon as possible before it's too late and.................

Oct 17, 2009 01:06 PM
Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Debe - If that is one's motive, by all means...

Cameron - What is this?  Do you relish in leaving the reader to just wonder?  You can voice your freaking opinion any day of the year around here.  I would just prefer not to see animated pictures of your buttox;)

Oct 17, 2009 01:13 PM
Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Kate - I'm not saying that nobody likes them; I'm saying I don't.  And I will challenge that guy with the verticle leap on any day.  Just give me a week's notice to get my physical stock in order. 

Hannah - From what I've heard, I'm not right.  But that's okay.  If dirt low interest rates and reduced pricing on homes aren't enough to tickle the fancy of folks, rent away.  Besides, seems to me that no matter how cheap the market, you need a job to afford being a part of it.  ~Sigh~ 

Oct 17, 2009 01:19 PM
1~Judi Barrett
Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

I, like many people, have mixed emotions (if emotions are allowed in this business) about whether we should extend the tax credit....

Never mind that statement.

Let me back up.

I really don't care whether they extend the tax credit BECAUSE I believe that the dummies that are making all of these decisions are just like kids with money burning a whole in their pockets and they are going to spend it one way or another so why not spend in on tax credits to buy a home.

Now the reason that I don't care personally is because it has not made a "hill of beans" difference in my business.  All but one of my buyers this year were NOT "first time home buyers" and that one person would have puchased anyway.  He only decided to take advantage of the tax credit AFTER buying the house.

So if it's made a difference in any of yours businesses, I hope they approve the extension to help your business.  BUT for my business, I really don't care. If I thought that it would reduce the deficit or would reduce my taxes I'd be against it but don't see either one of those things happening.

Oct 18, 2009 09:25 AM
Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Judi - That's extremely well put.   I actually agree with you. 

Oct 18, 2009 11:48 AM