Comments on: 2009 First Time Home Buyer Tax Credit Expires Soon http://www.thedebthawk.com/2009-first-time-home-buyer-tax-credit-expires-soon Get Out of Debt Using Disciplined Personal Finance Wed, 23 Jun 2010 07:33:47 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Mark http://www.thedebthawk.com/2009-first-time-home-buyer-tax-credit-expires-soon/comment-page-1#comment-150 Mark Sat, 12 Sep 2009 19:13:18 +0000 http://www.thedebthawk.com/?p=143#comment-150 While I am not completely convinced that the problems in the housing market are over, I do believe that chances are good that we are at a bottom for now. To help protect yourself from continued falling house prices, I think that people should follow the following advice: 1. Buy a house you can see yourself living in for at least 10 years. Prior to the most recent housing bubble, people got used to buying and selling homes quickly. If you keep a longer term horizon, you can sit through future housing price declines. 2. Save up for a 20% down payment. Believe it or not, people traditionally put 20% down when buying a house. If you give yourself an equity cushion of 20%, you can protect yourself from the crazy credit markets. While I am not completely convinced that the problems in the housing market are over, I do believe that chances are good that we are at a bottom for now.

To help protect yourself from continued falling house prices, I think that people should follow the following advice:

1. Buy a house you can see yourself living in for at least 10 years. Prior to the most recent housing bubble, people got used to buying and selling homes quickly. If you keep a longer term horizon, you can sit through future housing price declines.

2. Save up for a 20% down payment. Believe it or not, people traditionally put 20% down when buying a house. If you give yourself an equity cushion of 20%, you can protect yourself from the crazy credit markets.

]]> By: W G Peters http://www.thedebthawk.com/2009-first-time-home-buyer-tax-credit-expires-soon/comment-page-1#comment-149 W G Peters Sat, 12 Sep 2009 17:57:14 +0000 http://www.thedebthawk.com/?p=143#comment-149 Buying a home now just to get the tax credit may be a big mistake. There is no reason to believe that housing is at the bottom, and in fact housing prices may drop even lower. Couple that with the uncertainty of even being employed in today's crumbling economy should give one reason to pause and consider the risk they are assuming by buying into the housing market now. Buying a home now just to get the tax credit may be a big mistake. There is no reason to believe that housing is at the bottom, and in fact housing prices may drop even lower. Couple that with the uncertainty of even being employed in today’s crumbling economy should give one reason to pause and consider the risk they are assuming by buying into the housing market now.

]]>