Do you know about the $8000 tax credit for firsttime home buyers?
By Barbietre
@Barbietre (1438)
United States
March 28, 2009 6:12pm CST
One of the upgrades in the stimulus package is that the once $7500 loan ( which had to be paid back) is now a FREE $8000 tax credit you can use to buy your first home. It does not have to be paid back at all. But there is a time limit, it the home has to be bought by Nov 2009. http://www.realestate.com/ListingsWeb/Listings/First-Time-Homebuyer-Credit.aspx?metro=USNational&ESOURCEID=2543760&source=2543760&AdType=1&800num=1-888-604-6293&noimage=hide&partner=google&promo=10003&gclid=CLCuxZ_cxpkCFSAgDQodWE9TXw
Will this change your mind if you were thinking about buying a home? I am in Real estate in NY and do see a difference. Home prices are much lower and so are the mortgage rates. So along with this tax credit we are seeing more homes being sold.
3 responses
@winterose (39887)
• Canada
29 Mar 09
I think it is a great idea to give people a chance to get a home, but I don;t understand what you mean that people will be selling, are you saying people who have houses now that couldn't sell before will be able to?
@Barbietre (1438)
• United States
29 Mar 09
Well since there are more buyers out there, more homes are selling. However, those sellers have to be really realistic about pricing. The norm for the rise in prices is about 5% over a 5 year period but in 2000-2006 in our area the prices rose over 60%, a little lower in other parts of the country, but not much, sort of how the stock market was over inflated.
@hustonphotography (569)
• United States
29 Mar 09
We already did thee $7500 loan. I did not about this. It is probably to late for us. Thanks for the information.
@Barbietre (1438)
• United States
29 Mar 09
Check into it further, you may still qualify for the aditional amount.
@nanajanet (4436)
• United States
29 Mar 09
Eight thousand dollars is a huge deal for new home buyers. I know that could make a difference. Depending on the area, too, it could be an even greater help. It just might help someone get a better location, too. Sometimes they buy a smaller home to get into a safer neighborhood with better schools and that could make the difference.
