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Don't sweat it. Enjoy your new home. You got a better price without the tax credit being there.
Those tax credits had the opposite effect of driving up prices on those desirable, move-in ready homes by about the $8k from the tax credit. One of my friends walked away from a seller who was playing hardball and bought for $10k less the first week of May after the sellers collectively realized that buyer traffic had stopped. You should have achieved the same deal by buying in the traditionally slow winter months (and you should be close to those all-time low rates).
Enjoy your home.
+1 You would have been a sucker if you bought a home last year with the housing tax credit.
Most sellers raised their asking prices within weeks of the tax credit going into effect---so your benefit was mostly wiped out. Actually, since you started the process a month or so ago, you're capitalizing on the lowest rates ever, PLUS house prices went down after the tax break expired.... so economically you got a much better deal than anybody who claimed the $8,000 tax credit did.
Going forward rates are bound to go back above 5.0% and stay there... so your good deal you got now probably won't be seen ever again as far as interest rates go.
I also wouldn't sweat house prices going down during this year. You will only lose out in the long run if prices get decimated... i.e. a $200K house purchase 5 years from now will only fetch $100K in tomorrow's dollars---that's not likely to happen now that unemployment has hit the bottom and is going to slowly creep back down, rents are going up in lots of places and in about 4 years from now, a lot of people who have old bankruptcies on their credit reports today will be able to come back into the housing market.
Enjoy your new house!!!!!!!!!!!
I agree, I got a 4.35% rate with a 13K discount on my house from the appraisal. The appraiser actually noted exactly this in his appraisal to justify the reduction. "After the tax credit expired, etc." The sellers accepted the reduction cause what else where they gonna do?
Congrats on your new home!!
@Anonymous wrote:I agree, I got a 4.35% rate with a 13K discount on my house from the appraisal. The appraiser actually noted exactly this in his appraisal to justify the reduction. "After the tax credit expired, etc." The sellers accepted the reduction cause what else where they gonna do?
Congrats on your new home!!
P.s. Mods: This was my post. For some reason the system logged me in differently. I used the same user and password. Just an FYI