$8,000 Tax Credit – ONLY 90 DAYS LEFT!
September 1st, 2009 categories: Buyer Resource, Foreclosures
WARNING: We wanted to make sure we have given all home buyers fair warning that there is ONLY 90 DAYS left to CLOSE on a home in order to take advantage of the up to $8,000 Tax Credit the U.S. Government is offering.
PREDICTION: I like to try to think my way through things…and I am going to go on record here and make a prediction. PLEASE DO NOT take this as truth…this is a pure guess based on strategy…wait, the U.S. Government incorporating strategy in their thinking? Well that may be a stretch…BUT…here is my guess
THOUGHT: I think that the $8,000 Home Buyer Tax Credit will be extended past the December 1st Deadline. Why would this be?…well…just read on.
UNDERLYING LOGIC: Well…with the fact there are more delinquent mortgages now than ever, I personally feel these will turn into more short sales and foreclosures in the next, 3, 6, 9, 12, months. If these mortgage delinquencies do turn into short sales and foreclosures, flooding the market with new inventory, something will need to be done to “incentivize” (MBA Word…not a real word) people to buy.
So…why would they not announce this now? I think there are 2 reasons. 1. The government does not know how much is needed, and IF they announce an extension, they want to be able to tell the public how long it will be extended. 2. If they announce it, people may put on home purchases…they want this deadline to help people to act quickly.
PLEASE NOTE: This is a pure prediction…not based on anything other than thinking strategically…and we will see if the government thinks it is needed, and if so, what they do about it.
Sonoma County has seen a lot of recent activity, homes receiving multiple offers, etc. Sonoma County has not seen the same Real Estate meltdown as many other places, but the Government will not discriminate…they will give everyone the same opportunity as everyone else. We will ultimately see if my prediction holds.
Happy House Hunting!
Hey, good to find soomene who agrees with me. GMTA.