Please note, as of this recording, the First Time Home Buyer Tax Credit extension has not been passed. This video and post is based on the presumption that the tax credit has been extended for the purpose of the ideas expressed in the video and the conversation it seeks to create.
What if the First Time Home Buyer Tax Credit is extended to April 30th?
It all started with a conversation with Jay Thompson the other day during the rash of tweets claiming the First Time Home Buyer Tax Credit had been extended. If you read my blog regularly, you know my thoughts on that. I had called Jay because I needed a sympathetic ear for a few minutes to rant about how I felt as I saw all that misinformation.
Let's put that aside for a moment. Let's pretend the tax credit as you read this is passed and extended (it may be if you read this late enough in the week - that remains to be seen). Assuming it is now extended to April 30th, I got to thinking about the impact of it through the winter months. When they originally announced the new $8,000 tax credit (as opposed to the old re-payable $7,500 tax credit), it took quite some time for it really to have much an affect. In fact, it wasn't until the summer months that you really started to hear agents saying how great it was. Up until then, it seemed we were all telling people how great it was, but we weren't seeing the business because of it.
So what do you think?
I'm curious to hear from as many different markets as possible. You're the local market expert and probably have a better feel for the pulse than any economist. I want to hear about how it will affect your market. I want your thoughts; not quotes from the government, NAR, or the economists on TV. I think it could be very interesting to hear what people are seeing in their part of the world.
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