Did the $8000 first time housing credit spur you to buy a home this year?

[Xin Lu]

I wrote this post about seven families profiled on CNN who used the $8000 housing credit. 5 out of the 7 either felt rushed into buying the home because of the tax credit or could not afford their house without the credit. Have you been shopping for a home this year solely because of the housing credit? Could you afford the house without the credit?

[bhkyra]

Originally Posted by Xin Lu

I wrote this post about seven families profiled on CNN who used the $8000 housing credit. 5 out of the 7 either felt rushed into buying the home because of the tax credit or could not afford their house without the credit. Have you been shopping for a home this year solely because of the housing credit? Could you afford the house without the credit?

If it was a good time in my life, or even close to a good time, I would have probably been out there looking. As it stands, I'm a few years away from even being close to ready to own a home.

[SurferTiki]

It's actually making me want to wait for the credit to expire so that the houses will not have the artificial inflation of government help.

[starshard0]

I'm not really at a position in my life where I would need to buy a house. In fact, it could be several years before I'm ready to look into purchasing a home.

[Tracy]

No - it didn't persuade me to buy a house this year, but it will in 2010 if the incentive continues. We sold our house in 2007 and in 2010 will be considered first time buyers again as we have been renting. It would be a great time to buy and the incentives would influence my decision - absolutely!

[starshard0]

As much as I would like to see the incentive continued until I get a house, I'm afraid of what effect it will have on the values of homes.

[Booksalemanager]

It made me think of it more, but if you rush into it when you are not ready it could cost you more than 8000 in the long run.

For example:

You rush to buy a house that in a couple year will be too small. Selling a house that quickly may make you lose money when you actually sell it.

You don't fully look around because you are rush by the tax credit deadline. Something this big of a purchase should never feel rushed.

These two along with personal reasons, it just didnt feel right. If you cannot feel confident in buying the house you shouldn't, even with 8000 swaying around in front of you.

[moon02]

I would say the credit was one of the factors in me buying a home. The other factor was it was just cheaper to own then to rent. my piti is 650 for a 3/2 house. A 1 bedroom apartment would of cost me ~600. While I would of preferred to have waited, the fact that the credit would pay for about a years worth of rent if I got laid off made it a no brainer.

[ModernTightwad]

It might in the home stretch. I'm just not sure (which some would argue should tell me something, except I'm an uber-cautions person). The reason I would consider buying right now is that renting and owning almost cost the same, and the credit could go a little bit to repair, little to a house falling apart fund. The credit would allow us to buy a little bit of a fixer with more space, or just set aside more for the sky to fall later. Truth is, I'm still on the fence, and we're running out of time, but I wouldn't be surprised if it got extended again.