Dallas Home Appraisals News and Information

An article posted on the New York Times website (with a Dallas byline) addresses the looming question regarding the $8,000 tax credit for first-time homebuyers that is set to expire on December 1 - should the credit be extended and even possibly expanded?  There are some who argue that the tax credit is responsible in large part for stimulating the housing market over the past year, a view shared by the National Association of Realtors who estimate that the credit is directly responsible for 350,000 2009 sales.

Others are less convinced that the program merits extension, saying among other things the credit went to people who would have bought homes anyway and that the government is just giving away money it doesn't have.  But there is no denying that the program has made a difference in the decision of some buyers and that those who have been able to take advantage of the program have done their part to stimulate the economy. 

One point made in the article that was recently articulated to us by a Dallas area real estate attorney is that while first-time buyers have buoyed the market, there are relatively few "move-up" buyers, those who would typically be ready to buy a second or third home but cannot sell their current house or are unsure about their employment/economic future.  A new Senate Bill offers a $15,000 credit to a buyer that stays in a home for at least 2 years.

What is your opinion?  Is the tax credit a good idea that should be extended for an additional period of time?  Should the credit be raised for those who stay in a house 2 years (which may or may not be enough to get the move-up buyers moving even if they can sell their current homes)?  Have you taken advantage, or tried to, of the current credit?  We'd love to hear from you.

In the meantime, if you are still hoping to buy in time to receive the credit (in case it is not extended) and need help from a mortgage professional, please contact us at Blue Star Appraisals Inc. for a referral.  Please contact us as well if you are considering an appraisal for any reason, including property tax protest, PMI removal, pre-listing, pre-renovation, or to assess a potential investment property.