Dear Barack Obama…PLEASE Extend The First Time Homebuyer Tax Credit
September 29th, 2009 categories: Personal Notes
Dear Barack Obama:
I did not vote for you. I am not politically active. I have thus far not seen any “real” changes since you took office, at least not any real good changes, as it seems like our economy has been in a tailspin for a long time now. Certainly this is an odd introduction for someone who is asking you to act on a request.
I am not writing on my behalf, however I am writing on behalf of America’s First Time Home Buyers, and for this reason, I ask you to read on.
PLEASE extend the First Time Homebuyer Tax Credit for a meaningful period of time. When I say meaningful, I mean let your statisticians and Housing Secretary figure out what time frame would make a big impact on the economy and lives of those who purchase now.
With home prices at historially low levels and mortgage interest rates are remarkably low levels, this is a time when people can buy a home and potentially change their futures for the better. What a great legacy for any president…to make decisions that help many people improve their lives.
Inman.com recently published numbers from a recent survey showing 20% of those surveyed would buy a home before the end of 2010 if and only if the Tax Credit were available.
I have previously GUESSED that the Tax Credit Will Be Extended, but this is purely a guess based on what I feel would be a good strategy. The thought is based on people acting NOW to take advantage of the tax credit before it expires on December 01, 2009. Then…once the deadline passes, a new deadline is announced. If the tax credit is extended, we will likely NOT see a large decline in sales.
Many builders recently suffered from a decline in sales…with large July sales numbers, August was a sharp contrast. The reason is theorized to be that August home starts would not be completed by the December 1st deadline, and people would not be able to take advantage of the tax credit. Some builders, such as KB Home, offered to pay $8,000 towards a closing if you write a contract before December 1st and your home is not completed before that. Home builders may be able to subsidize promotions like this, but most homesellers cannot.
With only a couple of facts, and more gut feel to back this letter up, I urge you to extended the tax credit, and keep what little momentum we have going forward. I know we need it here in Sonoma County, and from what I read in national publications, it is also needed throughout the rest of this wonderful country.
Sincerely,
Christopher S. Ingram
The proble is if KB Home builds your home that fast you will have them in it fixing all of the leaks, plumbing problems, broken air conditioners hooked up wrong and more for at leat 10 years. Even then you may never sleep sound at night. Just Google “KB Home Sucks” before you decide. There is some very enlightening info out there. KB like to rush you into it. California has NO LEMON LAW FOR HOME BUYERS.
Hey, that post leaves me feeilng foolish. Kudos to you!