Listing agents used blind bidding wars to manipulate competing home buyers into overpaying before the end of the previous two home buyer tax credits. Imagine what those same agents, or their peers who have not had a closing all year, will do with asking prices if the government is willing to transfer the cost of overpaying to tax payers? Can’t you just hear dual agents (aka counterfeit buyer agents) telling buyers that it won’t matter if they overpay, as long as they are within $100K of the future value, because Uncle Sam will pick-up the tab?
We’d like to hear your thoughts about how this proposal would serve / hurt a new generation of homebuyers. Email or send a direct message to http://Twitter.com/RealEstateCafe if you’d like us to host another Bubble Hour (see post two years ago when sales were at their lowest point since 1991) or TweetUp anytime to discuss this proposal, the double dip housing market, timing the Fall (no pun intended) housing market, proactive house hunting, or recent lead stories and blog posts. Got any to add to this list?
Double dip in housing already here? (Boston.com real estate blog)
Homeownership rate continues to slide (USA Today)