I’ve been getting this question a lot in the last few days and the honest answer is I don’t know. But I did do a little digging today to find out why the sudden resurgence in speculation. Here is an article today at USA Today that discusses some of the possible home buying tax credit we might see. So do I think anything is going to come ofthese bills in Congress? I have to admit I’m a little skeptical.
I know a lot of people would be happy to see some type of universally buyer credit but my fear is that is everyone is getting, say $8000, then sellers will start artificially increasing their prices $8000 b/c they know the buyers are going to be getting that money from the government. I’ve already seen that happen a little with the first time buyer credit, some sellers are out there saying, “well they are already getting $8000 from the gov’t why should I lower my price.”
So who knows what will happen, here is what I can say for sure. Prices are low, rates are good and your choices couldn’t be better, so don’t sit around waiting for some credit that may or may not happen, if you are thinking about buying a home, now is a great time and it may not get any better. You won’t realize you’ve missed a great chance until it is too late.