The median income where I live is only 26k... which means I make too much to qualify for this credit and too little to afford to buy a house in my area. House prices are so unaffordable in my state I don't think this will help very many people in my area.
Thank you for watching Caligula! Woot! Woot! What part of Nevada are you moving to by the end of the year? If the Las Vegas area, I can help out personally. =) Sending you positive vibes everything goes your way! =)
Hey Rachelle! Thank you for watching and for your kind words. I'm happy my videos are helping you! Have you downloaded the home buying process infographic? Here it is just in case, hometribeteam.mykajabi.com/homebuyingprocessinfographic Sending you positive vibes everything goes your way my friend! What would you like to watch next?
❓ QUESTION - Assuming the first-time home buyer act of 2021 passes, how will the potentially 15k tax credit impact your decision to buy a home? Let me know in the comments. Thank you!
3 года назад
I am on the fence between keep renting for a year or two or buying now. The $15k would definitely push me towards buying now.
Question when they say 110% of home prices in the area you bought- how is that calculated and also what about the volatility of the real estate pricing so what would the calculations be? the month of purchase?
Hey JZ! Great to hear from you my friend! I'm happy this video helped you learn more about what's shaping up with the tax credit. What would you like to watch next?
Loved your video and the way you broke things down! Very clear and informative! I do have a question... If this does pass how long will it last? For example if I buy my first house in 2023 will I still be able to get this? assuming I meet the requirements of course. Or is it only for 2021?
Hi Lexi! Thank you for watching! I'm glad you enjoyed this video! =) Currently, a timeframe is not set within the bill. Please keep in mind, at this time, this is on a bill and not yet an approved program. It is subject to change. I'll keep you posted as more information comes out about this program. For now, what would you like to watch next?
Hi Tu, Thank you for watching and for your request. The best source of information for the area median purchase price is a Realtor since they have the local market stats that aren't always made public from the data providers they may have. If you'd like to benchmark pricing for an area, there are 2 other sources that will help give you a better idea of pricing. The stats offered by Redfin and Zillow are substantial. Please click the links below. On a side note, what would you like to watch next? Redfin www.redfin.com/us-housing-market Zillow www.zillow.com/home-values/
The only thing that confuses me is the language for first generation/first time home buyers. So your parents can't be homeowners...what if your own parents are not home owners, but your significant other's parents are home owners? I wonder if that would disqualify a couple under these circumstances...?
Hi Baitul! Thank you for watching. You raise amazing points and great questions. Please note there are actually 2 first time home buyer programs being worked on currently. This one video is about the 15k tax credit known as the first time homebuyer act of 2021. The one you're referring to is the 25k down payment assistance program known as the downpayment toward equity act of 2021. If it's helpful to you and our Home Tribe Team, I'll create another video about this program breaking down the details. Is that something you'd like to watch next? Sending you positive vibes everything goes your way! =)
@@AndrewFinney Yes, totally! I definitely would need to get a better understanding. I work as a Real Estate Broker/Realtor in Illinois (new to the business), and I am a millennial, so from both perspectives I find all of this insanely useful/important. (I will have to watch this one again too, thank you for your work!)
Fantastic! Thank you for the insights Baitul! I'll add it to an upcoming video list and will likely film one on this topic within the next week or two. =) How's everything going with your new real estate career? What are you goals and what are challenges?
@@AndrewFinney Yesss, you rock! Oh boy, its amazing and its also challenging. I had 2 closings in my first 6 months with clients I never knew before. But for some reason I have had difficulties with friend/family clients. There are more judgements, that can be very discouraging. I would love to get more advice from more advanced realtors on how to overcome the mixing of business and working with family/friends. But my goals are to have more closings under my belt so I can do more with marketing, feel more confident when I am helping clients, and get my first listing!
I would like to know as well because of course my parent own a home but its not my home so as a first time home buyer I thinks unfair thag my parents status of being a home owner affects my eligibility.
So, if they are capping area median INCOME, then why are they capping home prices at 110% of average area prices? Especially If the credit is capped at $15,000 based on 10% of a $150,000 home. SO, whether you buy a $150,000 home, a $300,000 home, or a $600,000 home, you still ONLY qualify for a max of $15,000 tax credit. SO, if the only houses you find in the area are priced at 111% of the area average prices, then YOU DON'T QUALIFY! The cap on purchase price, AFTER an earnings cap has been set, is ridiculous! - considering the fact that the $15,000 tax credit WILL NOT increase with any home purchases ABOVE $150,000!
Hey April! Always to great to hear from you my friend. We'll see if this one passes. I believe that it's highly probable. As for how long it will last, that's a great question. The last time this was offered during the Obama Presidency it was around for roughly 2 years. It's more of get while the funds are available type of program, in this case billions of dollars. I'll keep track of this and make an update video if/ when it's approved. What would you like to watch next? Sending you positive vibes everything goes your way! =)
Great question Mohamed! To be honest, since this bill is still subject to change, I'm not sure how that will play out if/ when it passes. As it's currently written, it would appear that you wouldn't qualify since the home you purchased was above the maximum allowed for the AMI. I'll keep watching this and create an update video when more details are available. For now, what would you like to watch next?
Hi Cy Cooper! Thank you for watching and for you constructive advice. Question... Are you referring to the bumper of this video or when I'm introducing myself? What would you suggest doing if you were me? Thanks again for watching and for your honest feedback! Sending you positive vibes everything goes your way! =)
Of course the bill isn’t guaranteed to pass, but in your opinion, if I bought a house now do you think I would still be able to claim the tax credit by the time it did pass? I have family telling me to wait to buy until after it passes, but it almost seems like that’s not necessary with the info here. Thanks
Great question Karissa! As the bill is currently written, if anyone bought a house from Dec 31st, 2020 through 2021 and they meet the requirements for this program (assuming it passes) then they would be eligible for this tax credit. To be honest, I wouldn't wait on a specific program to pass or not to buy a home. Buying/ selling a home is about doing so when the time is right in someone's life for the reasons important to them. There will always be "new" programs and the real estate market will go up, down, and all-around but what doesn't change is where someone is in their life when the time is right for them. Just my two cents. What would you like to watch next?
Hey Cass! Lol... That'd be cool if this ends up retro for all of 2020 too. It certainly will help everyone that can qualify. Congrats on your new home my friend! I'm super happy for ya'll! Sending you positive vibes everything goes you way! What would you like to watch next?
Hi Titisha! Thank you for watching. This bill has not yet passed so no application is possible at this time. Inside this video I shared how this bill is written and the process to get the credit if/ when it passes. When it passes I'll create an update video. Sending you positive vibes everything goes your way! =)
Hi Gods Faithful! Thank you for watching and for your excellent question! As the bill is currently written it would seem that you'd be able to qualify as long as you meet the other requirements for this possible program. Please keep in mind this is still a bill and it is subject to change if/ when the final form passes. What would you like to watch next?
Great video, content and clarification on the potential Bill if it passes. Question- if I filed 2020 taxes married but separately, with my two boys, and plan on buying home on own, will I qualify if my hubby is the only one in our current home that we just sold and he won’t be on the new house I am buying now. Also- hubby co-buyer for my 20 years old who bought his first house- would he not qualify since he has my hubby who is a current homeowner on the contract? Thank u
Hi Diane! Thank you for watching. That's a really good question! As the bill is written and from my interpretation of it, from what you shared it sounds as though ya'll will not qualify for the tax credit. It sounds as though you've owned real estate in the recent 3 years, is that right? If so, that's an automatic no according to the current way this bill is written. Additionally, since your husband has an ownership interest in another property, you probably would not qualify for this tax credit. Of course, I'm not an attorney and this bill has yet to be debated and voted upon in the Senate. That provision may change and more will be known if/ when this bill is passed. At that time, mortgage lenders will be given guidance on how to implement the tax credit in the real world. When the happens, I'll create an update video to this one with the key details and what to know moving forward. For now, we're waiting on this bill getting passed. What would you like to watch next? Sending you positive vibes everything goes your way! =)
@@AndrewFinney thanks for the info!! Honestly, not sure what topic since I am looking for new build process content on RU-vid. For now, I am waiting on builder to get permit from the city. I haven’t had my first meeting with the construction manager yet. Not sure how long the process will be since even though I signed first week of April, I just did a change order which I have not signed yet since I may want to change again- each time is $250 change order fee. Will this delay my building or obtaining permit since none should be structural change. It is just type of cabinet and organization design and gas line for dryer and switching out the pulls on the cabinets from what I initially chose at the design center. I am debating if I need to upgrade to get Timberlake portfolio select - higher level of cabinet with soft close vs mid line Sonoma collection. Frustrating for new hone buyers who don’t know what we need. They always say upgrade in kitchen and master bathroom for resale. It is so hard to be confident and satisfied with what we chose! Budget is of course is inlets to but then I think about dividing in to 30 years! So so cray and drives me bonkers! I hear so many vids where they have regrets ... either getting or not getting it. I am also trying to hire inspectors cuz I fear leaks in plumbing or exterior walls.... I am a crazy hone buyer for sure...I am everywhere- so scattered!!
Hello Andrew I signed my home contract about two months ago I’m just waiting on them to start building. I got an email today saying that due to lumber and concrete prices going up my house went up 20,000 they gave Two options either take the new price or cancel. Is this something they can do?
Hi Daniela! Thank you for watching and for your excellent question! That's very bizarre indeed. To be honest, it will depend on the contract you agreed upon with the builder. I highly recommend you and your buyers agent to review your contract, addenda, disclosures, and all of the forms the builder asked you to sign. From my experience working with many buyers purchasing new home construction, once the base price of the home is agreed upon within a written and agreed upon contract by both the buyer and builder, the price does not change. The only change that could be made to the total purchase price would result from the buyer's decision of which options they select at the design center and any structural/ electrical/ plumbing etc... options the buyer elects to make within the prescribed timelines in the purchase agreement. That said, builder contracts vary across the United States. It will ultimately come down to if the builder's contract has any provision for increasing the price of the property due to the cost of materials. Something definitely doesn't sound right with what you were informed by the builder. I'm asking you and your buyer's agent to review everything you signed with the builder looking for any specific clauses or terms that permits the builder to increase pricing due to the cost of goods/ materials and if so, under what conditions and timeframe the builder is allowed to adjust pricing for a buyer already in contract. The purpose of a contract is to lock in the agreed upon base price to purchase a home. Depending on what you find, you may want to consider consulting with an attorney to further review your options with you. I hope this helps! Please let us know how everything plays out for you. Sending you positive vibes everything goes your way! =)
Check out DR Horton builder. They lock in the price on the contract and are not playing all these games other builders are playing right now...thats not to say they are not raising prices but at least you will pay whats on your contract! I signed on mine the end of Feb and the same house is now $22k more than I locked in at!
If it passes and I buy a house this year with the loan in my name. But the deed is in me and my wife’s name and we file joint would I still get the 10% or 15000?
Hey Nathan! Thank you for watching! That way the first time homebuyer act of 2021 is written, it would seem that ya'll should receive the full 15k tax credit if this bill passes. If/ when it passes mortgage loan officers will be given guidance on how this works in the real world. The clarity that's presently missing will then be known. I'll film an update video when that happens. =) For now, what would you like to watch next? Sending you positive vibes everything goes your way! =)
