One
of the things I tell first
time home buyers looking to buy
a home in the Beaverton,
Oregon, area in 2009, is that if
you are still sitting on the fence about
buying, then get off that fence because now is the time to buy! One of
the
biggest reasons is the government is just going to give you
money… a sort of
reward for having good enough credit and income to be able to purchase
that
first home.
I still get a lot of,
“Todd,
I’m thinking of buying my first home and I need some advice,
can you help me?”
I always will say, “YES!” and then I will sit down
with you go over the
complete process and get you on our way to home ownership.
Now,
I say $8,000, but it could be less. The stimulus package states
that any first
time home buyer, or
person who
hasn’t owned in the past three years, can
qualify for a tax credit of $8,000 or 10% which ever is less. (I
don’t know of
too many places in Beaverton,
Oregon, that are less than
$80,000, there are a few, but very few.)
There
are a few other stipulations like you can’t make over
$75,000 as a single
person or $150,000 as a married couple.
But, the good news is even if
you don’t
owe any more to the government at the end of the year, you will just
get a
check for $8,000 as a reward for purchasing your first
home.
***Writers
Side Note***
I
don’t agree with this. As it is, they
are just throwing money at people that already qualify for a loan and
are
already going to be getting tax deductions from the mortgage interest
they are
paying. I have a better way to save the housing industry …Read
the full idea here.
But if you are a first time home buyer, it is available. By all means, take it and buy your home today before they do away with it.
Todd Clark - Broker / Sales Coach
Palazzo Realty Group
Phone: (503)524-9494
Fax: (503)622-8739
©2009 Todd Clark - Beaverton First Time Home Buyers can realize a $8,000 tax credit if they buy before December 1, 2009
Todd,
You're idea is excellent. If we could keep current homeowners who are having hardship stay in their homes, that would be better for everyone.
Todd, How do you get so many people commenting on your blog?
Todd - the change on the tax credit from last year has definitely stired some interest in a lot of first time buyers around here. I agree with you on the other post about the money could be spent on some other ways.
Hi Todd - I did go to your outside blog to read your idea. I agree in part that we need to be helping people keep their homes by reducing the number of short sales and foreclosures. But, I do think that the $8,000 tax credit has drawn some new people into the market.
I think this was designed to give those sitting on the fence, for whatever the reason, a nudge. There will still be some that won't be able to qualify for a home loan anyway due to the new and ever changing qualifications. My thought is use it or loose it.
Hi Todd,
Like you, I don't agree with the manner in which this is being 'given' away but, I encourage all of my qualifying clients to take advantage of it while it lasts! We sort of HAVE to--if we don't they'll be upset with us for NOT letting them know--and, like you said, even though they qualify already!
Hey, I wish Uncle Sam would through some dough my way--aren't we involved in the trickle down business any more?! LOL
TC,
Regarding writers side note: They'll never go for your plan...it makes too much centssense...!!! :) Thanks, Fran
Hi Todd...You are Soooo correct when you say you better buy a home now, before the Government takes away the $8,000 Gift. And They Will!
Cheers, thanks for sharing this point with us.
Todd -- I have been working on a blog about the $8,000 tax cut, but don't know if I should post it now --- I don't want it to look like I was just copying you. BTW, a great post.
Todd, I read your post and your link. Great ideas!! Now, why couldn't the government come up with some good ideas? ;-)
Vanna - Well, technically not for us agents, because we would have less to sell, but it would be better for the economy as a whole.
Also, I hope my e-mail was a little help to you and happy blogging!
Venancio - I don't think the government should spend any money and let the free market dictate what is going to happen, but the government can't think that way and so they basically have to fix the mess they got us in, in the first place.
Marlene - Maybe we can have the best of both worlds and do a little of both. $4,000 tax credit and a little mortgage relief act of some sort. I would prefer the government stay out of it all together, but we all know that isn't going to happen.
Don - Use or lose it exactly it, but I have a better way of nudging them, it is called a good shoulder to the chest.... Haven't you watch America's funniest home videos?
Debe - I think they said the average agent last year made $30,000 isn't that below the poverty line in most states? Throw me a check and I promise to use it to buy an American car my president!
Fran - What makes you think that? (ROFL)
Fred - Here is the reason why a buyer better act today on buying a home or it may be too late!
Buyers you don't have much time to act as this deal does end December 1st and if you take all the time lines in a real estate transaction you could be throwing away $8,000 in free money.
HOW:
1st - 90 days to fix any possible credit reporting errors (June 1st)
2nd - Short Sales (90-120 days to get accepted) (October 1st)
30-45 days for inspections and finally closing (November 15th)
Doesn't give you much time if you are looking for a great deal, so call today before you lose out on $8,000 free money just for doing something that you have been thinking about doing anyway.
Mama Liz - I would never think you were copying me, but I did send you an e-mail for with a better idea for that post.
Teri - Because they are more worried about how to put their pork products in the ideas that do show up on their desk rather than actually fixing the problem.
Todd, LOL, isn't that the truth! Me too...I'm ready for a new car too!
Debe - I checked my mailbox again today and no check or keys to a new car, what is up with that? Maybe tomorrow!