Friday, April 9, 2010

None of what you hear

It's been a while, I know.

I wish I could say there hasn't been anything to write about, but it's more like there have been too many topics that could use a shot of reality that I've been overwhelmed.

Last night while watching TV, I came across something that irritated me enough that I decided I needed to blog about it. As a potential homebuyer/seller [hopefully this year] I have a marginal interest in the government's Home buyer's tax credit program.

The idea for this incentive was to make home buying more attractive [originally just to first time home buyers] in order to kick start the failing real estate market. Giving people money off thier tax bill - especially those who can now afford a home since prices are dropping and foreclosures are everywhere - seemed like a good idea to the current administration. You know, take from the poor and give to the rich type stuff - you lose your house to foreclosure and the people who buy it get a tax incentive. That's fair, right?

Well, then the rule changed, and people who were selling a home and buying a new one could also get some tax credit - not as much, but some. That made a little more sense. Draw people into the market, maybe those looking to downsize, or even up-size now that prices are more realistic. The whole plan is sort of like spitting in the wind, but hey, it makes people feel like the government is doing something to help. The problem is, the program expires on April 30th 2010, so if you don't have a contract by then, you're out of luck. The real estate industry is holding its collective breath hoping the program will be extended, but no word from Washington yet.

So last night, in the middle of prime-time there's a commercial touting in big letters and loud words, "The home buyer's credit has been extended and expanded!" Yay! Let's all rejoice, this is the news we've been wating for...

except, the fine print still says...Expires April 30, 2010.

Misleading much?

Surprised much?

Not me. All you potential home buyers out there, don't be fooled. Or better yet, don't be lied to and don't forget to read the fine print.

1 comment:

  1. Just one more reason to hate commercials.

    I know someone who missed the tax credit for buying a new car by TWO days last year. Not a happy camper.