Click on the title to link. This is an article we have been waiting to see. It is regarding the battle being waged over the $8,000 tax credit that is set to expire Dec. 1. You should know this by now, but if you are a first time buyer (have not owned a home in the past three years) then you get a dollar for dollar credit of $8,000 on your taxes. We content that this alone is responsible for the real estate market doing so well. We also contend that if this is not extended then the market is going to do an immediate nose dive.
The article talks about the skeptics who say this is something benefiting people who would have bought anyways. Although that is certainly the case for some, these skeptics have no clue what they are talking about because they are not in the "trenches" everyday like we are. These are the same people who are supporting the disastrous "cash for clunkers" program. They are clueless and have no idea what they are saying.
Take it from us, this credit is getting people to buy homes who would not have otherwise, or they may not have pushed up their time frame to take advantage of this credit. If this credit is not extended then you watch, the real estate market is going to dive. At the very least, it should be extended as is. We are not sure how we feel about NARs (National Association of Realtors) proposal of making it $15,000 for any buyer because the of the cost. It would be another costly government program, and the madness has got to end somewhere. But one thing is for sure, if that did happen the real estate market would go through the roof because those who would not have bought and/or sold before would be in to take advantage of it.
Take it from two guys who are anti-government involvement (for the most part), they got this one right. Let's see if they keep it right, and listen to those of us who actually do know what we are talking about.
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