I'm interested to see whether the new tax incentives and buyer friendly market have nudged anyone into the market. My fiancee and I had an offer accepted on a home on Monday. We're first time buyers, and the buyer friendly market combined with the new tax credit played a big part in our decision to house hunt.
I'd heard throughout our search that it's a buyer's market and great deals can be had. While I feel that's true, it felt like we had to sift through a ton of garbage to find the gem. There are so many distressed homes on the market. I'm not talking paint and carpet or even a kitchen remodel. We seriously considered a home that had taken some bad water damage from a leaking bathroom upstairs. In the end, we decided on a home with no deferred maintenance. The distressed market was a bit too frightening for us.
I think we questioned our decision to look for a home at different times, but the benefits of buying now versus later kept us going. Has anyone on the board had a similar experience? Have the buyer's incentives been enough to push you forward amidst so much economic uncertainty? If so, what have you seen out there?
(I hope that this won't become a discussion of the merits of the tax credit and stimulus in general. I think we all know that some people are in favor while others are against. Personal views on stimulus and the tax credit are best left for the Peanut Gallery.)