Admin

Do we need another tax credit?

By
Real Estate Broker/Owner with Deaton Group Realty

Do we need another tax credit?

A recent article from realtor.org, says the tax credit needed to end and another would not be good. 

Rumors have been flying around about the possibility of another tax credit.  Many experts, including real estate agents, agree that another tax credit should not be implemented.  The consensus seems to be we need to see what the actual demand for housing is, and that the tax credit will not solve anything until our economy, especially unemployment, improves.  What do you think?  REALTORS?  Buyers?  Do you feel a tax credit is needed?  And valuable?

I actually know of a buyer who is 'waiting' for the next tax credit to buy his house.  He needs to buy, wants to buy, but will put it off to get the free tax credit.  I told him not to expect one.  It seems this happened a great deal during the last tax credit period.  The tax credit only provided free money to many people who were going to purchase a home anyway?

Home Finance with Tax Credit

Free Real Estate Clipart obtained from http://www.realtyclipart.com

 

Posted by

To view all available properties, see my social business card, and read my real estat blog, go to www.ScottDeaton.com.com

I am the Managing Broker of Deaton Group at Blackwood Team.  If you would like more information on any of the topics discussed in this blog, please contact me directly. Also, please visit my website at www.DeatonBlackwood.com.

Feel free to subscribe to my blog to keep up to date with my latest posts of tips & tricks. You can also sign up for my monthly email newsletter or see FREE Community Reports.

Also, let's connect on these great social networks:

   Follow Me on Facebook   Lets get Linkedin   My Outside Blog   Watch my Crazy Movies on YouTube

  

Comments(3)

Stephen Sainte-Martin
Realty Direct Boston - Boston, MA

Scott:

We all have heard the talk regarding yet another home buyer tax credit. From HUD to the hedge funds, it sounds as if it is gaining steam yet again. This one could involve not just first time/move-up buyers, but a credit for buyers purchasing foreclosed properties or short sales.  The unfortunate part about this announcements is that No one is committing to to it.  It is Vague at best and superimpositional at worst.

HUD Secretary Shaun Donovan, appearing on CNN's State of the Union this weekend, didn't rule out another tax credit. He did say it's "too early to say," but then added that "we're going to be focused like a laser on where the housing market is moving going forward, and we are going to go everywhere we can to make sure this market stabilizes and recovers."  Boy does that sound great.

 

Stephen

Sep 01, 2010 10:15 AM
Mark Hitz
Keller Williams - The Colony, TX

Scott ~  You ask for our opinions but I don't see yours.  What are your thoughts on your questions?

It appears your "client" has a food stamp, welfare, section 8 mentality.  

My opinion is simply No. Just about every economist opposed the tax credit as expensive and ineffective. Why would they want to do it again?  We don't.

 

first time home buyer tax credit

 

They spent $18,000,000,000 dollars on this "hand out" that went directly into a deficit that my kids or grand-kids are going to be stuck with.  Millions were wrongly paid to 1,285 prison inmates- $8K at a time - who lied and claimed they bought a home while in prison.   Then there was the report that 63 1st time home buyers were all paid $8K to buy the same home.  

Our government has already shown us how badly they can screw things up - I don't need to see a repeat performance.

 

Sep 01, 2010 10:53 AM
Scott Deaton
Deaton Group Realty - Little Rock, AR

Mark,

I agree on the 'food stamp' mentality.  My opinion is not to extend the tax credit.  With the corruption involved and the amount of money given to people who were going to purchase anyway, I think an extension would have a negative impact on our falling economy.

Sep 02, 2010 03:01 AM