UrbanTurf Reader Asks: Are Incentives Like the Home Buyer Credit a Thing of the Past?

by Mark Wellborn

In this installment of UrbanTurf Reader Asks, a reader wonders if there will be any more government incentives like the $8,000 first-time tax credit if the housing market goes back into a tailspin in the coming months. I live in Bethesda and I am interested in knowing what the UrbanTurf audience thinks about the possibility that there will be future government incentives like the $8,000 tax credit. I know that anything in the near term is very unlikely (and that I will probably be admonished for not taking advantage of it the first time around), but if the housing market hits the skids again in the coming months, I have to think that the administration is going to be looking for steps to reinvigorate things. Post your thoughts in the comments section. If you would like to submit a question for UrbanTurf Reader Asks, send an email to .(JavaScript must be enabled to view this email address).

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This article originally published at https://dc.urbanturf.com/articles/blog/urbanturf_reader_asks_are_incentives_like_the_home_buyer_credit_a_thing_of_/2031


  1. Julia said at 11:16 am on Monday May 3, 2010:

    I highly doubt there will be any new incentives unless the bottom really falls out of the market.

  1. DCGuy said at 11:26 am on Monday May 3, 2010:

    There is a non expiring DC first time homebuyer credit of $5K not entirely sure why the real estate machine isn’t market this…

  1. Julia said at 11:53 am on Monday May 3, 2010:

    This person lives in Maryland, though, so he/she can’t take advantage of the $5K credit.

  1. Emil Ali said at 11:54 am on Monday May 3, 2010:

    The DC credit is easier in some ways to qualify for but won’t help the guy in Bethesda unless he is buying in DC. In any event, at the tail end, it inflated the market. There are still other non-refundable tax credits to be had for improvements that many of these old homes need.

  1. hipchickindc said at 1:25 pm on Monday May 3, 2010:

    To clarify, the DC homebuyer tax crdit is NOT a “non expiring” credit.  Eleanor Holmes Norton lobbies hard for this every single year.  It is currently set to expire at the end of 2010.  The income cap is much lower than the cap for the federal credit was.

  1. Katie Wethman said at 3:42 pm on Monday May 3, 2010:

    The administration and Congress are under a lot more pressure now to control spending than they were this time last year.  Last year it was all about saving the economy (read: saving the housing market) and pulling us out of our depression/recession.  This year it’s all about record deficits, massive new entitlement programs, and the threat of inflation.  Even a bill renewing the national flood insurance program and extending unemployment benefits was held up for weeks. Getting another credit through would be extraordinarily difficult.

  1. Janson said at 3:43 pm on Monday May 3, 2010:

    I think there is no way is there another buyer incentive even if the housing market takes a real dip - it was widely recognized as a terrible tool.

    In my opinion, the only thing possible for 2010 is new short sale incentives for banks and second lien holders. Which would be great. It’s the year of the short sale!

  1. Michele Lerner said at 11:12 am on Tuesday May 4, 2010:

    There are lots of state and local programs that buyers can try - some income-restricted and some not. In Maryland, the House Keys 4 Employees program is available to government employees and employees of a long list of companies. These program offer down payment assistance and low-cost loans.
    By the way, I’m doing a homebuyer seminar (I’ve written a book on homebuying in a tough economy) in Bethesda this Thursday (May 6) at 6:30 p.m. at Gallery Neptune, 5001 Wilson Lane. Stop by and I can talk more about this topic.

Comments are closed.

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