First Time Home Buyer Tax Credit...Sitting on the Fence May Cost You $8000 or even more!
There's a lot of speculation going on at the moment on whether the first time home buyer tax credit will be extended past the deadline of November 30 and even increased to $15,000. 
How likely is it that one of the the six bills before Congress right now will pass? Apparently the White House is not supporting the extension, although that doesn't necessarily mean they're against it, they'll just let it play out in Congress. Also, fiscal conservatives are worried about the billions it would cost. I don't know about you, but I don't consider myself a fiscal conservative and I'm concerned about how much it will cost!
What do you think? How likely is it that the country will go along with the idea that more government spending is what we need? Especially in light of the big ticket items like health care on the table right now.
I don't know, but it seems a bit risky to me to sit on the fence and wait and see what happens here. Right now as a first time home buyer you have $8000 Free Money right there for the taking. And remember, it's really worth a lot more if you consider how much you would need to earn to actually get to a net of $8000.
Let's not forget the low interest rates either. Right now they're at or around 5.00% for a 30 year fixed loan. You're not going to do much better than that even if you do wait! (My son locked in at 4.75% back in May, but he was quick and that lasted for just a couple of hours and it was back up near 5.00% by the end of the day).
Together they pack a winning punch: Low home prices, low interest rates plus the $8000 tax credit. Right now you're 3 for 3. You wait and any one of these 3 motivating factors could change...Sitting on the fence may cost you money - Why risk that?
The most recent article I could find on the impact of the $8000 credit and where we go from here is in this article at CNN Money.com
Another Great read is a post from the Housing Guru, John Mulkey and his predictions for the housing market in 2010
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