As Eugeneloanguy rightly pointed out before I wrote this post, there are 60 days left until the Obama Administration’s $8,000 tax credit for first-time home buyers expires. And the clock is ticking for people to get their financing worked out and to close their sale. From the buzz I’m hearing, and some articles I’m reading, these waning days of the tax credit are causing excitement in some segments of the real estate market.
Take Tina Kent, for example. She and her husband have wanted to buy a home for a few years, but the prices in their favorite Eugene neighborhood were simply too high. So they rented for ten years. Now, with the prices lower, and the promise of thousands of dollars that they’ll be able to spend on home improvements, they’ve jumped into the game and purchased their first home. It’s a three bedroom, 1950s house with a big willow tree in the backyard.
Meanwhile legislators in Washington are debating the merits, and drawbacks, of extending the tax credit —possibly even increasing it to $15,000 and allowing all buyers to be eligible.
What’s your experience? Were you motivated by the tax credit to buy? If so, have you found your house yet or are you still searching? What will you do with the $8,000? If you are a seller, did you put your house on the market with the hope that someone might buy it before November 30? How is that going? How successful do you think the tax credit has been for stimulating the housing market? Should it be extended? To whom?