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Tax credits help homebuyers, economy
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Does the author of this article have some kind of ties to the real estate industry? It sure seems to be written by a realtor.
Buy now! Interest rates are low! Get in while you can!
The mantra of a realtor.
The truth is no one should get in to a house just to get a $7,500 rebate. Buy what you can afford and buy when you are ready. If people would have followed this in the first place, we wouldn't be in this mess.
Well Alan, this tax credit is a way for regular folks to be able to afford a house, it isn't all about the very rich, the rest of us deserve some of the bounty too.
Thank you for having the vision to lead the business community in the right direction on this issue. Helping the construction/real estate industry in Utah is key to our larger economy. If we keep shedding jobs in thoses sectors, we will all be in trouble.
Let's work together to turn this thing around by taking advantage of this tax credit.
I'm just saying don't let the lure of $7,500 lure you into getting into a home when you're not ready.
Real estate agents are always talking that way.
I fully understand the whole interest rate thing. That is why I locked in at 5.375% on my 30 year fixed mortgage when all the people around me were getting interest only loans with nothing down. They are now in foreclosure while we are sitting pretty good.
Only buy what you can afford.
NEVER I repeat NEVER listen to what the real estate industry tells you. They are in it for one thing, making money for themselves.
Anyone who says "it's a great time to buy" when even the most conservative investment banks are declaring that the housing recession has at least another year to run is either mindless or a fraud.
You can buy at a high interest rate and a low principal, and refinance when the rate gets lower. But if prices fall, you can't arrange to have a lower principal.
Since home demand is a function of desire plus ability to pay, and ability to pay is a function of principal and interest rate, if interest rates do rise, as you suggest, loan principals will have to fall if the market is going to clear. In any event, your property taxes are based on principal, not mortgage payment, so it's better to have a low principal and a high interest rate (which gives you low property taxes) than a high principal and a low interest rate, and high property taxes.