Sanity check on Z

[vicolehurroughs]

Correct me if I am wrong -

Biden has talked about up to 15% first time home buyer credit. In 2009, it was a set 8K. I think the 15% will create home demand. Here is where it gets interesting .

This time credit can be used when you purchase the house.

So two things - if someone you know is first time home buyer, now is the time. The housing market was on fire, this is nuclear . Prices from 2009 have not recovered although everyone talks about bubble. This will just be a start of a new bubble unlike other

Second - buy Zillow. The end!!

 

[psychewriter]

@vicolehurroughs Its 15k credit not 15% lol. Thats such a big difference. On a 500k house, 15% will be $75k down payment lol thats nut. They're barely giving $600 stimulus checks you think theyre going to give you $75k off your first home purchase? lol

Its 15k for first time home buyers. The Obama administration did something similar to this and it helped a lot so they're piggy backing off that.

Im super bullish on OPEN though

 

[vicolehurroughs]

@psychewriter Sorry you are right. Was high AF. I did take that 8K in 2009-2010. So did 3 of my best friends

 

[lukas741]

@vicolehurroughs What about Redfin?

 

[songsmith]

@lukas741 I assume this will be good for zillow, open-door and redfin to name the ones I can think of.

 

[caspian01]

@songsmith Hard to say which will come out victorious but at least one of these should do extremely well long term

 

[patriarch28]

@vicolehurroughs What’s this mean?

 

[vicolehurroughs]

@patriarch28 If you are first time home buyer this is a very rare opportunity to buy a home so you may look into buying home. Interesting in home ownership is huge. I did take the 2009 tax credit. I am now on my second house.

If you investor buy Zillow.

 

[patriarch28]

@vicolehurroughs I am thinking about buying a house in about 4-6 months. How can I get this?

 

[vicolehurroughs]

@patriarch28 Once Biden takes office he will pass the tax credit. So keep eye out on Biden policy. Maybe announced this week.

If it is, just contact real estate agent they will walk you through ( I hope) thru it.

 

[patriarch28]

@vicolehurroughs thanks. what exactly does it do? can you explain in simple terms with example numbers?

 

[vicolehurroughs]

@patriarch28 Okay. Let’s say you are going to buy your first house for 100k. Most loans require 5% down which is 5K. The new policy will give first time home buyer’s up to 15% tax credit (15k) up front and it a none payback credit. You don’t have to pay it

Even if you qualify for 1/2 of the 15k, that is more than your down payment which is the main reason people don’t buy homes.