What Happens If The Tax Credit Isn’t Extended?

It doesn’t appear like much will change according to a recent survey that was done.  What is my opinion?  I think there are a lot of organizations that make a bigger deal out of things then they should.  I am not going to name any names but….. the NAR, NAMB, NAHB, etc. always do.

“According to a survey commissioned by real-estate Web site Zillow.com and released this week, 18% of prospective first-time home buyers said an extended credit would be the primary influence on their decision to buy a home next year. Twenty-five percent said the credit would be a “significant influence,” 27% said the credit would have “some” influence, and 31% said it would have no influence on their decision.”

Yes extending it may help but how do you really determine how many people bought just because of it?  It certainly helps but bigger than that in my opinion is that rates are at historic lows and homes are more affordable than they have ever been. 

Not everyone should own a home.  I am blown away by how many people think they can buy a home right now and aren’t even close to qualifying.  There is nothing wrong with renting.  Owning a home is a privilege.