DISQUS

The Phoenix Real Estate Guy: White House Press Secretary Robert Gibbs on Extending the First Time Home Buyers Tax Credit

  • Tyler Wood · 2 months ago
    That's good advice Jay. I was thinking the same thing yesterday. Buying for the tax credit alone seems crazy. If someone buys a $200,000 home, and it goes down by 5% over the next year, well, they just lost the credit and then some.
  • NJShore · 2 months ago
    So, as press sectretary, what do you think? Bring back Snow, Perino, McCurry, Fleischer, or McClellan?
  • Nathan · 2 months ago
    I agree with your advice, to buy home if you are in need and not just to avail tax credit benefit. In my opinion, this tax credit is going to extend from November 30. May be it will help political people but not much difference for other people.
    http://savingsaccounts411.com
  • stevetrang · 2 months ago
    Jay, you do a wonderful job of staying on top of this hot topic. Is there a bigger buzz word today than the tax credit?
  • Portland Real Estate · 2 months ago
    I think that it will be extended, but I doubt they will say anything until the last minute. They would not want to accidentally stop the nice surge that is going on right now. If they let people know that it was going to be extended then they wont worry about jumping into a home now.

    -Tyler
  • Las Vegas Real Estate Paul · 2 months ago
    Nice post and position on the tax credit extension speculation and advice. You have to wonder if the last minute surge is going to end up hurting more then it helps in the long run. (Lower home values when it ends.) Just look at the cash for clunkers program and the car sales numbers for the months after the program ended.

    But instead of a car that we all know depreciates in value.. we are dealing with homes.
  • JoeLoomer · 2 months ago
    Excellent Jay - spent a few hours researching the bills last week, and by my count there are now at least nine Senate and House Resolutions languishing in committee.

    Buying a home should never be done because of a short-term gain. Down-payment assistance programs, Alt-A and Option ARM products all contributed to the housing slump we're in now.

    Buy a home and understand you're in it for the long haul (minimum five years). Get a product that you can handle long-term with no major adjustments to rates or payments. If you cannot afford it on one salary - you're probably looking in the wrong price range.

    Navy Chief, Navy Pride
  • C Richey · 2 months ago
    I think a big part of the hedging is funding. The majority of people commenting on our blog about the credit are asking about amended returns and when people have actually received their credit. They'll be another big wave of people claiming the credit next tax season. That has to factor in to their thinking about extensions.
  • Name · 2 months ago
    Lets hope it doesn't get extended. This is a horrible return for taxpayers.

    http://www.calculatedriskblog.com/2009/10/housi...
  • Augusta Real Estate · 2 months ago
    Thanks for the update. I don't believe the White House or Congress has arrived at a decision regarding this issue.

    I completely agree with advising clients to strongly consider why they are purchasing a home. If the sole reason is the $8,000 tax credit, they should not proceed.
  • sellyourhouse · 2 months ago
    This is good news for first time home buyers.Also these will boost the real estate business.
  • cdloanmod · 2 months ago
    Thanks for providing information about Tax Credit for first time home buyers. I think that information is useful for home buyers and making loan modification program.