Buyers – Its the Perfect Storm
I met a buyer yesterday who asked me when the next tax credit was coming? I told him not to expect one. We had a tax credit for two years now, and the National Association of REALTORS is not pushing Congress for another one. But why care about $8000 when the current savings from the low interest rates will save you TENS of THOUSANDS of dollars. Forget $8000. I’ll take $30,000! As I explained the advantages of low interest rates, high inventory and low prices to this delusional buyer, he just couldn’t grasp this economic reality that saving hundreds of dollars each month from the low interest rates, and saving thousands of dollars off the sales price of the home due to high inventory was SO MUCH better than a $8000 one-time check from the government. AAGGHH! Hey, here’s another option…..if you need the $8000 cash, how about we get it from the seller? Yep, there are plenty of sellers out there who will pay you money in the form of seller concessions, to buy their home. So yes, you get the best of both worlds – low interest rates, and money to buy furniture, etc. PLUS, you get the cash benefit at closing, in 30 days! You don’t have to wait around for the government to possibly cut you a check in 9 months when you finally get around to doing your 2010 taxes. For most people, it will not even be a check. If you owe the government income taxes, then they will simply reduce the amount owed by the tax credit you received. You really didn’t get the money in your pocket, you just pay less in 9 months.
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\nBy: on July 27th, 2010 Category: Uncategorized