$8,000 Tax Credit, the time to buy is NOW!

With the $8,000 first time buyer tax credit in full effect, I thought I should share my thoughts about this topic, and divulge some information for those scanning our website who may becoming first time buyers themselves, or who are simply curious as to what the tax credit entails.

First of all, this tax credit is HUGE for buyers as well as for real estate agents. Anytime you can give buyers cash back, it’s an incentive that is sure to work. To pair this credit with the current low mortgage rates is unprecedented, and it’s a shame this wasn’t around earlier. An offer like this should be available at all times, or at least made available when there is a need to stimulate a market or the economy. If housing is in a slump, the rest of the economy suffers.

The credit not only benefits homebuyers, but the government as well. While on the surface it appears that the government is decreasing its revenue, however, it actually won’t cost them anything. The $8,000 is not just a handout—you have to do something in order to receive it, which is to buy a house for the first time.

The obvious positives to this program are that it will increase employment, increase tax revenue, and it will give money back to the government in the long run. For first time buyers, the number one positive is that it is $500 more than the original tax credit offered last year, and this one doesn’t have to be paid back!

There has never been a better time to buy, especially buying for the first time.  Do not fear the current market, rather embrace the opportunities being presented and take advantage of them!