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I am confused, if this is for "homeowners" looking to sell and buy another home then how is this helping "first-time buyers"?
Do the math and pay close attention to the total interest paid on a new loan. Thinks it’s mostly smoke and mirrors.As I understand it, it would help increase inventory for first time buyers, while simultaneously giving first time sellers a 10k credit who feel "stuck".
As someone still in a "starter home" and looking to expand with a growing family but can't/won't given my 3% rate, certainly something I will look into and won't turn it down if it can help. Doubt it really moves the needle though.
It's an election yr vote buying give away. You may be to sophisticated to fall for a 10K bribe that will likely result in 100K more in payments over the life of the loan but thousands and maybe hundreds of thousands only see the 10K as a gift. We are past the point of the masses learning to vote for benefits. That is the real threat to the republic and democracy.As I understand it, it would help increase inventory for first time buyers, while simultaneously giving first time sellers a 10k credit who feel "stuck".
As someone still in a "starter home" and looking to expand with a growing family but can't/won't given my 3% rate, certainly something I will look into and won't turn it down if it can help. Doubt it really moves the needle though.
Oh I know how to do the math. Haha. I appreciate the link though. Every resource I can get my hands on is helpful. You may very well be right in your analysis RE: rates falling.Do the math and pay close attention to the total interest paid on a new loan. Thinks it’s mostly smoke and mirrors.
Thinks the best thing is for the interest rates to fall…..BWTFDIK.
Apply your scenario this mortgage calculator with what you may be looking for. If the math works, do it.
https://www.mortgagecalculator.org/
I’m really surprised at how he thinks the gov’t works. Not saying it’s illegal/ unconstitutional to offer this, but the market should be dictating prices.
You can only answer that question as things are now, not predicting and hoping. Or, you can just take a risk/gamble and see how it turns out.Oh I know how to do the math. Haha. I appreciate the link though. Every resource I can get my hands on is helpful. You may very well be right in your analysis RE: rates falling.
It's all about finding the "dream house" as it's called. I hate moving. The next move is the last one until I retire.
Current rates and prices would double my mortgage right now. No thanks. plan has always been for them to drop before we even start looking. This is now just one more variable to the equation; does it change anything? 🤷♂️
It's a credit and not a deduction. That's gonna factor in somewhere. The new interest rate pushes me back into itemization territory before things revert back to pre-TCAJA rules (exemptions + deduction + increase SALT deductions). Then who knows what it looks like at that point.
Question really is does it make sense to utilize now vs how rates/taxes MIGHT look in the future. Oh...and current inventory....
Do these f’ing morons not understand that for the new supply that is generated by this policy there will be an equal amount of new demand? This will not make housing more affordable for new home buyers.
That $10k bribe won’t move the needle for almost anyone. Just another vote buying gimmick we’ll probably see from Joe every week until election day. All they’ve got.
If this was proposed under a republican president this place would be ecstatic...That $10k bribe won’t move the needle for almost anyone. Just another vote buying gimmick we’ll probably see from Joe every week until election day. All they’ve got.
Judging from some of your post, I think you are just lost……..math is easy, figure it out or hire somebody.If this was proposed under a republican president this place would be ecstatic...
I think it is you that is missing the point of my post/lost...Judging from some of your post, I think you are just lost……..math is easy, figuring it out or hire somebody.
Hang in there, when you figure out when it’s the right time to buy a home to move on up…..hopefully you can join in on the next step in life.I think it is you that is missing the point of my post/lost...
Some folks are claiming this is "bribing" or "buying" votes since a democratic president is proposing tax credits to a very select subset of people (those selling starter homes). I don't recall the same uproar when kemp gave us multiple gas tax holidays in Georgia in an election year. I also didn't care as I paid less at the pump.
My point is if you changed it from Biden to "insert pub nominee here" the response would be vastly different on this board. The team jersey mentality is strong in this thread.
Republicans loving paying less taxes. It's odd they would hate this...
No.As I understand it, it would help increase inventory for first time buyers, while simultaneously giving first time sellers a 10k credit who feel "stuck".
As someone still in a "starter home" and looking to expand with a growing family but can't/won't given my 3% rate, certainly something I will look into and won't turn it down if it can help. Doubt it really moves the needle though.
And trying to comprehend Econ 101.Hang in there, when you figure out when it’s the right time to buy a home to move on up…..hopefully you can join in on the next step in life.
Just don’t think you are there yet, You’re still taking baby steps….
Everyone in this thread understands this: other than one poster.Do these f’ing morons not understand that for the new supply that is generated by this policy there will be an equal amount of new demand? This will not make housing more affordable for new home buyers.
I did a poor job there, I admit it. I should have said supply of available starter homes, as that is what the credit is referring to. Inventory was way too broad a term/incorrect term. Apologies. Thanks for pointing that out.No.
You cannot “increase” inventory without building more homes.
Fiscal conservatives hate paying more money to the most inefficient entity on earth and then having that money used to:I think it is you that is missing the point of my post/lost...
Some folks are claiming this is "bribing" or "buying" votes since a democratic president is proposing tax credits to a very select subset of people (those selling starter homes). I don't recall the same uproar when kemp gave us multiple gas tax holidays in Georgia in an election year. I also didn't care as I paid less at the pump.
My point is if you changed it from Biden to "insert pub nominee here" the response would be vastly different on this board. The team jersey mentality is strong in this thread.
Republicans loving paying less taxes. It's odd they would hate this...
Wouldn't taking action to get hedge funds out of residential real estate or doing something (anything) to lower interest rates be a whole lot more effective? Without pushing more inflation?
The best thing the government can do is stay the f’ out and do nothing. Government policy never helps it only hurts. Every policy distorts behavior and has consequences. How does the government keep hedge funds out of housing? Most homes owned by hedge funds are new construction rentals. Most equity for new construction apartment projects comes from private equity, or other institutional funds. Everyone complains about housing prices being too high but remember what happened when they dropped dramatically 16 years ago? I live in fear of government involvement more than anything else.Wouldn't taking action to get hedge funds out of residential real estate or doing something (anything) to lower interest rates be a whole lot more effective? Without pushing more inflation?
I agree with all of your points. In fact, reading your response shows me that I did a poor job of trying to make my point. Certainly, government interference always creates more problems. Conversely, withdrawing bad public policy (not adding more) should improve matters.The best thing the government can do is stay the f’ out and do nothing. Government policy never helps it only hurts. Every policy distorts behavior and has consequences. How does the government keep hedge funds out of housing? Most homes owned by hedge funds are new construction rentals. Most equity for new construction apartment projects comes from private equity, or other institutional funds. Everyone complains about housing prices being too high but remember what happened when they dropped dramatically 16 years ago? I live in fear of government involvement more than anything else.
WOW! What a desperate POS..throw everyone else’s tax money at the problems he created