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$25,000 Home-Buying Credit: Will It Boost or Bust Real Estate?
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In this episode of "Today in Mortgages," we talk about $25,000 tax credits proposed by the Harris campaign and whether we think they will help or hurt. We discuss this and Fox's article "Waiting for mortgage rates to fall? Why Experts say it won't make a difference". The article believes that lowering rates will make buying more affordable for only a few months; prices will climb because of demand.
The other point we wanted to discuss comes from a second article in MPA Mag Today "Harris proposed $25,000 tax credit to address rising housing cost". This is just a proposal at the moment, and we've seen other president's offer tax credits, but buyers really need help with down payment and closing costs, not so much tax credits. Some criticism says that the credits could drive up prices even more with this increased buying power but we would encourage buyers not to wait around for a proposed tax credit. Get after it while rates are coming down, but prices haven't risen. This is how we should be communicating to our borrowers! TODAY!
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