$8,000.00 tax credit NO MORE??
Posted by Wesley Willoughby on Friday, October 9th, 2009 at 9:52pm.$8,000.00 tax credit NO MORE??
Can it be that the one positive push to the housing market will just vanish in the next 60 days?
That's right folks. The $8,000.00 federal tax credit (gift) to first time home buyers will end November 30th 2009. The housing market has been on fire the past few months as hoards of hungry Nashville home buyers scurry to get in the housing market. Why Not? The time has never been better with historically low interest rates currently sitting at or near 4.8%. Selection is at all time highs and home prices at lows. It seems everything is on sale presently. Then to beat it all the federal government is hanging an $8,000.00 carrot out there for you to just jump out and grab.
What will the market be like after November 30, 2009?
What will entice buyers to make that huge, scary, leap of faith into the realm and responsibility of home ownership?
Will the market return to huge sales volumes and everyone shaking their heads wondering what to do to get the housing market going again?
The rumors as of late have moved across the Realtor circuits and bounced off every wall. Many have mentioned an increase and expansion of the tax credit allowing all home purchasers to take advantage of the free money from the government. There is another idea that the right thing to do is to extend the current $8,000.00 tax credit for an additional six months. Some beleive that not everyone has had enough time to decide if they would like to be paid for buying a house. Does any one know for sure if one or any of these things are going to happen? I for one was amazed at the first gift and honestly do not know.
What I do know is this:
A gift from the government is just icing on the cake when it comes to the long list of reasons to buy a home in the current Nashville real estate market. If you have a credit score at or near a 620 and have stable employment history the housing market has many gifts for you.
Has anyone heard of THDA? The Tennessee Housing and Development Agency has been giving "gifts" or "credits" to home owners long before we had $8,000.00 tax credits from the Fed. THDA has three programs to assist Tennessee first time home buyers get into the American Dream of home ownership. These programs make it possible for buyers to get into a home with the infamous 0 down! They also have programs that provide a "great" interet rate or a combination of a "great" interest rate and assistance with down payment. Who needs a "great rate" program in this market though? Rates are incredible! But this program does have advantages for the right situation.
Did you know that HUD will let you buy one of their homes with $100.00 down?
Murfreesboro, TN is offering owner occupants an incentive to buy foreclosure properties in certain areas to help keep listings from sitting to long and affecting neighbors. What's the incentive you ask? $14,999.00!!
Even without all the incentives, gifts, credits, loans, and programs the current housing market is a BUYERS MARKET. Take advantage of the state of the economy and the housing market as soon as you have the means. There is a lot more than $8,000.00 to be made in the current real estate market if you align yourself with an expert who can help you get the results you desire.
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