Tuesday, September 22, 2009

Talking about the $8,000 tax credit...not good

I hope that everyone has enjoyed the benefits of the $8,000 tax credit whether you are a first time home buyer or an agent.

For buyers of course, this helps with home ownership for those that typically might not even consider buying. I have personally seen several families take advantage of this opportunity. The credit has not "turned the market around" here in Nashville but it has definitely "stimulated" it. The most recent months have seen those that have been sitting on the fence finally get on the home ownership train.

In my opinion, the whole point of having a deadline is to encourage even the procrastinators to make a decision. Sure, this decision may turn into a last minute offer on November 13th with a contingency that they "Must close by November 30th". November 13th is a Friday by the way....Scary in more ways than one:)

The question with those that are on the fence has been "Aren't they going to extend the deadline"? Of course I don't truly know the answer to that BUT (being the honest person that I am) I have to tell them "That is a possibility". The truth is, IT IS A POSSIBILITY and the reason why I know this is because IT'S ON THE NEWS!! It's in the media and of course once you start talking about an extension then those that are on the fence are more than likely going to STAY on the fence.

What is the point of that?? There is still time to find a great first home before the deadline. If the government is trying to stimulate home sales then DON'T LET THE CAT OUT OF THE BAG. If they are going to extend the deadline then wait until AFTER the deadline to make the announcement.

I DO think that they should have a 2 week "grace period" for those first time home buyers that are already under contract. There WILL be last minute contracts and Title companies and Lenders will have their hands full. Bottom line is that with the talks of extensions come talks of waiting. The $8,000 was a great idea but the full benefit of it comes from waiting until the very end to announce or even talk about extensions.


Stephen Strickhausen

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