Comments on: First-Time Buyer Hoping To Get The $8,000 Tax Credit? You Have Less Than Four Weeks To Find A Home http://blog.redfin.com/losangeles/2009/09/first-time_buyer_hoping_to_get_the_8000_tax_credit_you_have_less_than_four_weeks_to_find_a_home.html Redfin Los Angeles Sweet Digs Thu, 09 Feb 2012 13:33:45 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: ed hardy http://blog.redfin.com/losangeles/2009/09/first-time_buyer_hoping_to_get_the_8000_tax_credit_you_have_less_than_four_weeks_to_find_a_home.html/comment-page-1#comment-39548 ed hardy Mon, 30 Nov 2009 01:38:25 +0000 http://blog.redfin.com/losangeles/?p=2639#comment-39548 Hey everybody. We love debates here, but no personal attacks. Let’s keep the focus on real estate. Hey everybody. We love debates here, but no personal attacks. Let’s keep the focus on real estate.

]]> By: ed hardy http://blog.redfin.com/losangeles/2009/09/first-time_buyer_hoping_to_get_the_8000_tax_credit_you_have_less_than_four_weeks_to_find_a_home.html/comment-page-1#comment-39547 ed hardy Mon, 30 Nov 2009 01:37:25 +0000 http://blog.redfin.com/losangeles/?p=2639#comment-39547 Come on guys money is money. Get it now or get it later if the market drops or nothing if it doesn’t drop. Just get the mortgage that matches your budget. This is why you buy in a sellers or buyers market. Good luck. Come on guys money is money. Get it now or get it later if the market drops or nothing if it doesn’t drop. Just get the mortgage that matches your budget. This is why you buy in a sellers or buyers market. Good luck.

]]> By: Chris Glew http://blog.redfin.com/losangeles/2009/09/first-time_buyer_hoping_to_get_the_8000_tax_credit_you_have_less_than_four_weeks_to_find_a_home.html/comment-page-1#comment-35975 Chris Glew Wed, 07 Oct 2009 17:38:35 +0000 http://blog.redfin.com/losangeles/?p=2639#comment-35975 Hey everybody. We love debates here, but no personal attacks. Let's keep the focus on real estate. There's no reason to assume Gary doesn't have a college degree. In fact, Gary has a <a href="http://www.kolarsells.com/Default.aspx?page=12" rel="nofollow">degree in business administration</a> from the University of Cincinnati. Hey everybody. We love debates here, but no personal attacks. Let’s keep the focus on real estate.

There’s no reason to assume Gary doesn’t have a college degree. In fact, Gary has a degree in business administration from the University of Cincinnati.

]]> By: SFV818 http://blog.redfin.com/losangeles/2009/09/first-time_buyer_hoping_to_get_the_8000_tax_credit_you_have_less_than_four_weeks_to_find_a_home.html/comment-page-1#comment-35971 SFV818 Wed, 07 Oct 2009 15:25:48 +0000 http://blog.redfin.com/losangeles/?p=2639#comment-35971 Gary Kolar's comments are just too funny. If he's a realtor is California, his comments about a lack of shadow inventory, over-bidding, and market upswing are pure BS. Sure, if you find the house you LOVE, buy it and like it. BUT I wouldn't be reaching to buy because you're fearful of the market rising. The only homes being over-bid are the ones priced BELOW MARKET VALUE. For all the other homes, make your first offer your best offer. If the seller counters higher, you counter slightly lower. Realtors are not experts and ones that pose to be like Gary are just upset that business is slow. Remember Gary isn't college educated and that 1 econ class you took in college makes you more of an expert than him. Gary Kolar’s comments are just too funny. If he’s a realtor is California, his comments about a lack of shadow inventory, over-bidding, and market upswing are pure BS. Sure, if you find the house you LOVE, buy it and like it. BUT I wouldn’t be reaching to buy because you’re fearful of the market rising. The only homes being over-bid are the ones priced BELOW MARKET VALUE. For all the other homes, make your first offer your best offer. If the seller counters higher, you counter slightly lower. Realtors are not experts and ones that pose to be like Gary are just upset that business is slow. Remember Gary isn’t college educated and that 1 econ class you took in college makes you more of an expert than him.

]]> By: Gary Kolar http://blog.redfin.com/losangeles/2009/09/first-time_buyer_hoping_to_get_the_8000_tax_credit_you_have_less_than_four_weeks_to_find_a_home.html/comment-page-1#comment-35476 Gary Kolar Thu, 01 Oct 2009 19:09:49 +0000 http://blog.redfin.com/losangeles/?p=2639#comment-35476 Prices dropping 20-30%??? I guess it depends on what market you are talking about. I am a Realtor and our local market is on the upswing and if you do not over bid the home, you have no chance of getting it. As for the supposed flood of repos, its not going to happen, at least not here. I track the notice of defaults and the homes going back to the bank on a daily basis and see absolutely no "flood", "wave", or "shadow inventory" hitting the market anytime in the near future. This is also backed up by the bank agents in my office, not a one of them has more than one or two homes coming up in the next two months. We have already passed the bottom of the market and prices are rising. If you are thinking about buying, contact your agent to find out your local conditions and see if now is the right time to buy a home. Prices dropping 20-30%??? I guess it depends on what market you are talking about. I am a Realtor and our local market is on the upswing and if you do not over bid the home, you have no chance of getting it. As for the supposed flood of repos, its not going to happen, at least not here. I track the notice of defaults and the homes going back to the bank on a daily basis and see absolutely no “flood”, “wave”, or “shadow inventory” hitting the market anytime in the near future. This is also backed up by the bank agents in my office, not a one of them has more than one or two homes coming up in the next two months. We have already passed the bottom of the market and prices are rising. If you are thinking about buying, contact your agent to find out your local conditions and see if now is the right time to buy a home.

]]> By: Chris Glew http://blog.redfin.com/losangeles/2009/09/first-time_buyer_hoping_to_get_the_8000_tax_credit_you_have_less_than_four_weeks_to_find_a_home.html/comment-page-1#comment-35052 Chris Glew Tue, 22 Sep 2009 23:37:42 +0000 http://blog.redfin.com/losangeles/?p=2639#comment-35052 Thomas- 1. The income limits for the tax credit are based on your modified adjusted gross income (MAGI). * Single taxpayers with a MAGI between $75,000 and $95,000 are eligible for a partial credit: * Single taxpayers with a MAGI greater than $95,000 are ineligible for the credit. * Unmarried partners who purchase a home together can split the credit, or one partner can claim the entire credit. * Married couples who file separately with a MAGI of less than $75,000 will be eligible for a maximum credit of $4,000 each. * Filing jointly with a MAGI between $150,000 and $170,000 means you're eligible for a reduced credit. 2. The $8,000 tax credit is not a loan. However, you have to stay in the home for three years. If you sell within 36 months of taking ownership, you have to give back the money. Thomas-
1. The income limits for the tax credit are based on your modified adjusted gross income (MAGI).
* Single taxpayers with a MAGI between $75,000 and $95,000 are eligible for a partial credit:
* Single taxpayers with a MAGI greater than $95,000 are ineligible for the credit.

* Unmarried partners who purchase a home together can split the credit, or one partner can claim the entire credit.

* Married couples who file separately with a MAGI of less than $75,000 will be eligible for a maximum credit of $4,000 each.

* Filing jointly with a MAGI between $150,000 and $170,000 means you’re eligible for a reduced credit.

2. The $8,000 tax credit is not a loan. However, you have to stay in the home for three years. If you sell within 36 months of taking ownership, you have to give back the money.

]]> By: Glenn JeanJacques http://blog.redfin.com/losangeles/2009/09/first-time_buyer_hoping_to_get_the_8000_tax_credit_you_have_less_than_four_weeks_to_find_a_home.html/comment-page-1#comment-34987 Glenn JeanJacques Tue, 22 Sep 2009 04:32:38 +0000 http://blog.redfin.com/losangeles/?p=2639#comment-34987 Come on guys money is money. Get it now or get it later if the market drops or nothing if it doesn't drop. Just get the mortgage that matches your budget. This is why you buy in a sellers or buyers market. Good luck. Come on guys money is money. Get it now or get it later if the market drops or nothing if it doesn’t drop. Just get the mortgage that matches your budget. This is why you buy in a sellers or buyers market. Good luck.

]]> By: Diaphne THINKS http://blog.redfin.com/losangeles/2009/09/first-time_buyer_hoping_to_get_the_8000_tax_credit_you_have_less_than_four_weeks_to_find_a_home.html/comment-page-1#comment-34707 Diaphne THINKS Fri, 18 Sep 2009 23:08:03 +0000 http://blog.redfin.com/losangeles/?p=2639#comment-34707 Yes $8-10k is nice, but why get all hot and bothered over it, when the market will be falling another 20-30% before stabilizing? This is the proverbial drop in the bucket. Just hang on--you'll be glad you waited. Yes $8-10k is nice, but why get all hot and bothered over it, when the market will be falling another 20-30% before stabilizing? This is the proverbial drop in the bucket.

Just hang on–you’ll be glad you waited.

]]> By: Thomas http://blog.redfin.com/losangeles/2009/09/first-time_buyer_hoping_to_get_the_8000_tax_credit_you_have_less_than_four_weeks_to_find_a_home.html/comment-page-1#comment-34573 Thomas Fri, 18 Sep 2009 00:58:00 +0000 http://blog.redfin.com/losangeles/?p=2639#comment-34573 Can you help me confirm two things? Because I have read deviating stuff on the internet. 1. Is this tax credit conditioned on your yearly salary? If I make 130k a year, would I qualify for the 8k tax credit? 2. Is the 8k tax credit in real life just a loan, you have to pay back the following three years through your taxes? Thanks Can you help me confirm two things? Because I have read deviating stuff on the internet.

1. Is this tax credit conditioned on your yearly salary? If I make 130k a year, would I qualify for the 8k tax credit?

2. Is the 8k tax credit in real life just a loan, you have to pay back the following three years through your taxes?

Thanks

]]> By: Betty http://blog.redfin.com/losangeles/2009/09/first-time_buyer_hoping_to_get_the_8000_tax_credit_you_have_less_than_four_weeks_to_find_a_home.html/comment-page-1#comment-34287 Betty Tue, 15 Sep 2009 21:27:11 +0000 http://blog.redfin.com/losangeles/?p=2639#comment-34287 The extension is only speculation at this point. There is a bill that was introduced that will extend the credit through 2010 but also calls for some outlandish additions such as eliminating the income ceilings and extending the credit to all home buyers not just first timers. I doubt it will pass with those provisions added. http://www.govtrack.us/congress/bill.xpd?bill=h111-2801 The extension is only speculation at this point. There is a bill that was introduced that will extend the credit through 2010 but also calls for some outlandish additions such as eliminating the income ceilings and extending the credit to all home buyers not just first timers. I doubt it will pass with those provisions added.

http://www.govtrack.us/congress/bill.xpd?bill=h111-2801

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