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Thread: $8000 Tax Credit Will Screw Us ALL!!!

  1. #1
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    Angry $8000 Tax Credit Will Screw Us ALL!!!

    Every Saturday, even though I'm not looking to purchase another home, (at least, not in NYS,) I look through the Buffalo News, Home Finder section.

    I've been noticing that, every week, prices seem to be getting higher and higher. I'm sure some of it has to do with the fact that Spring and Summer are the "hottest" times to list a home, but I have a feeling that the, (up to,) $8,000 federal tax credit is playing a big part in the increased prices. Both, sellers and realtors are taking advantage of this tax incentive, as they should.

    Here's the problem. With homes selling at "inflated values," I'm betting that assessors take advantage of this and reassess EVERYONE'S homes based on recent sales.

    Bottom line: Ultimately, we're going to be, doubly, screwed. Not only will we have to compensate for the federal tax incentive, but, once our homes are reassessed, we'll also have to pay higher property taxes.

  2. #2
    Member CAugust's Avatar
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    where are you seeing home listing prices go up? Give me some examples, i am not seeing that at all ......
    Colleen
    Realtor

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  3. #3
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    I agree with what Surfing says. When I went to buy a house here the Mrs. and I saved up for a down payment. Now it seems (at least according to anecdotes and a few articles in the paper) that many people in the market are there just to "get theirs" and haven't actually saved any cash up, instead relying on the government to furnish the down payment in the form of a tax credit next year. Many of these people should not be in homes, yet they will be.

    What will happen? Many of these folks will default on their mortgages and once the price support program ends (aka the $8000 credit program) the prices will fall further. We'll be back in the same mess, except with more national debt.

    On that note, have a nice weekend everybody!

  4. #4
    Unregistered Enough's Avatar
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    That is the exact same thing that got us into the housing problem to begin with!

    People who didn't save, were undeserving and bought too much house than they could afford! All in the name of, "everyone deserves a house"!

  5. #5
    Member Riven37's Avatar
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    !!

    $8,000 federal tax credit plus inflation, the dropping of the US dollar is all playing into it. Then again, WNY is right now the best place to buy a home according to the financial news.
    Riven37
    _________
    All tyranny needs to gain a foothold is for people of good conscience to remain silent. Thomas Jefferson

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