Well, we finally got a chance to use the $8,000 tax credit – but it was not an incentive or inducement to making the sale or for getting the buyers to commit. It was just a nice bonus to be able to tell them that they can look forward to filing for this.
I look at it a little like a mail in rebate. If they don't lose your form and you meet all of the criteria - and they feel like processing it - then you'll get the money someday.
So if people can get a tax credit, that's fine, but I have not seen or heard where this has actually created urgency and prompted a decision that was not already forthcoming.
I'm jumping up and down over the sale, not the "incentive."
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No one has called me to buy in order to get the incentive yet. Maybe they will. : }
They will be! I have seen the buyers interest go from "just looking", to "we want to take advantage of this!".....There are ways, through filing and amended returns to get the money THIS YEAR....ask your tax person!
What is new about it. We have had a $7500 incentive for years and when the market started tanking it went away also. People don't feel good about the economy, they don't trust the government and until that changes it will not get any better.
I'm with you the incentive is not making anybody get excited about buying. Just another day.
Like Barbara's comment above, noone has called me to buy due to this stimulus package! I'm waiting by the phone/computer .....
Portsmouth NH Real Estate
The $15,000 would have prompted the urgency that they wanted and we desperately needed. However, I have noticed an upbeat buzz about it lately...
Congratulations on the sale Steve! I haven't noticed a big rush to buy because of it.
Steve, not enough people have taken advantage of the credit. it is real and it does work. Just ask me about it. I just used it to purchase my home out of foreclosure and although there was not a real estate sale attached, my family did benefit from using it. And, I can assure you we are not moving out of this anytime in the next 20 years. Besides I am getting too old and too tired to move anywhere in that time except to retire somewhere in the south of France...Merci
Bo
Add a survey to the tax form - At the time you purchased, did you even know about the tax credit? I'm guessing that the answer is a resounding "no." It is a rebate. It is found money. It is a failure in terms of its intended use to stimulate sales.
Hi Steve:
I can honestly say that the buyers I've been working with are not motivated by this added bonus....
Barbara,
Thank you for verifying what I have been experiencing. :)
Steve
Pat,
What you describe is good, but it doesn't sound like very many have actually said "yes" that were enticed by this. :)
Steve
Joyce,
The bottom line for me is that homes will continue to be bought and sold - just at a much slower pace than we would like or that we remember from just a few years ago. Incentives may cause a little bump - but nothing appreciable over time. :)
Steve
Russ,
Thanks. As you're having "just another day" I hope it's a good one. :)
Steve
Patricia,
Be sure to let us know when people begin calling as a result of the incentive and say they want to get in on it. :)
Steve
Micahel,
A larger $ number may have had more impact and that may be why it was removed. It seems that people need immediate relief to stimulate a decision that they are iffy about. :)
Steve
Bo,
I'm confused. You used it for the home you're living in now? I don't understand the "20 years" comment. Sorry. :)
Steve
Ryan,
That sums it up for me. Good job, and thanks. :)
Steve
Toula,
Thanks for responding and confirming what definitely seems to be the case. :)
Steve
Mary,
Thank you. No, I haven't noticed any rush to use this rebate provision, and judging from the responses, that seems to be a widespread experience. :)
Steve