We have a contract, and haven't closed yet, though likely will before the tax credit. We are eligible for it as well, but we aren't really _trying_ to get the credit.

It's a nice bonus to be sure, but in the grand scheme of things isn't really that much money. Not worth trying to score a house within the time frame that you don't like or can't really afford or anything like that, at least from where we stand.

So I didn't vote in the poll:)

"So it certainly looks like there's buying going on that wouldn't have happened this year if not for the thought of $8,000 in the bank."

You know what they say about appearances and deception, right?

At the lower end of the market the benefit is likelier to be true but at the lowest it isn't (mostly investors) and at the higher end not so much true either (not qualified or $8k is seen as not so much money).

So much about every aspect of the market this year and the decisions related are exceptions and monthly adjusted exceptions at that.. that attempts to wonk the numbers will result in far too many categories and exceptions to be meaningful.

When the credit expires as it should, even if extended for those already under contract by X date (an option not in the poll) then the $8000 "credit" will become available to buyers in reduced prices absent the price prop the credit has become.

My boyfriend and I are currently in the process of buying a house. Our contract has been accepted and are beyond the inspection and appraisal steps, with closing coming up on October 30.

The tax credit was a huge motivation for us to find a place to buy; however, we did not rush into it. First we met with a finance guy to run a bunch of different scenarios to find the right price range based upon what we could afford. We then looked at many houses, condos and townhomes that were in our price range and settled on a place that we both loved. We didn't sacrafice our wants and needs just to get the tax credit.

If the tax credit was not offered, we would not be buying a house now. It is likely that we would have waited another year or two and lost more money by renting.

We just had a contract fall through, so now we'll probably wait until next spring. Missing out on the 8K tax credit is disappointing, but we can save almost that much between now and next year (our rent is way below mkt, and we just paid off a car).

Of greater concern to me than the tax credit, is the possibility of FHA raising its minimum down-payment

We've been house shopping for 3 months. Because of the credit, everything we've been interested has been scooped up too fast -- and we're not going to play the bidding war game. We placed an offer on a short sale, and doubt that the bank will get back to us in time to close for the credit. The credit would be a HUGE help in the long run, and we'll be disappointed if we don't get it. However, we're financially ready for a home, so we're going forward and hoping for the best.

Don't worry jason
You will gain much more than 8k by waiting. EIther Congree stupidly increases it to 15K, or they end it and prices drop precipitously

I am a Realtor in Baltimore - not trying to advertise, just want to say that up front. But I would say this if I weren't.

I have been showing houses almost exclusively to first time home buyers the last four months. They are trying to take advantage of the credit for sure, and most wouldn't even consider buying a house if it were not for the incentive. Not all, but a majority.

Homeowners spur the economy better than renters, in my opinion. Think of this credit versus the cash for clunkers. When you buy a car, from the minute you buy it (in general) you do all you can to avoid spending anything more on it than gas and regular maintenance. So that $4500 just blows away with the wind.

But look at a house purchase. After spending $150-200k on a home, and pumping 1-2% of that sale price into the economy via transfer/recordation taxes, you then are going to start to make it "your own." Most houses in that price range need some sort of work usually, and even if it's move-in ready, you still want to add your own touches in terms of painting, furniture, etc.

That means way too many trips to Lowe's, Depot, Target, 877-241-LUNA, , Gardiners, etc., thereby pumping more money into the economy. Then you add the yearly taxes on homeowners that a renter would not pay, and I think that it's not the worst way the government has ever spent money.

I'm not saying it's perfect, and as a Realtor I know people think I'm just spouting the party line, but i don't see this argument pointed out much in the conversation. This has helped, and I think the benefits outweigh the cost.