So the Tax Credit’s Over – Now What?

    Casa Grande’s known for our seasonal real estate markets, we have a surge of buying activity in the cooler months with the snowbirds and Canadians that frequent our state for our beautiful weather. Many first time homebuyers felt the common pain this past winter of losing their dream home to a cash buyer waiting in the wings that could easily outbid them. Now with our hot weather around the corner, a lot of those cash buyers have started to head for the hills – it’s time for us to hunt for bargains again.

    While summer homebuyers may not be getting a huge bonus when they file their taxes next year for purchasing, they will still be getting a great deal on their new home and a portion of their closing costs are tax deductible. Not to mention the fantastic normal tax deductions Uncle Sam gives for interest and taxes on your principal residence. Talk to your tax consultant to find out which additional deductions you may be able to take just for owning your own home – this can be a huge money saver.

    I hear people saying that they wish the tax credit would have been extended again, but I’m not so sure I’m in agreement with them. The housing market has had enough stimulation from the government for now – it’s time to see if we can float on our own again.

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    2 Responses to “So the Tax Credit’s Over – Now What?”

    • designhouse9

      Written on

      I think it’s time to see what the markets will do without tax credits as well. The tax credits seemed to create both a real demand and an artificial demand. I’ve been working with numerous buyers who would qualify for the tax credit and they were more interested in finding the “right house” than just securing the tax credit.

      Reply
      • Melissa Yost

        Written on

        Well the numbers are starting to show… the tax credit seemed to bolster sales for a while. Our numbers declined in May pretty significantly. On the bright side – it’s still a fabulous time to buy!

        I’ve also been noticing a couple companies trying to offer their own tax credit incentive by crediting the buyer $8,000 – not sure how it works or if it’s even legal but the idea came and went pretty quickly. Has anyone been trying that where you are?

        Reply

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