Comments on: Georgia Home Buyer Tax Credit Update

By: Aaron Hofmann

Aaron Hofmann — Wed, 29 Apr 2009 11:44:18 +0000

That’s a pretty fair assessment of the market. The key is to understand which properties are priced aggressively and will sell quickly with multiple offers. In terms of the Georgia tax credit, the point you make is probably why the governor hasn’t signed it yet. The thought is that it would increase home sales slightly, but the payment would be on all the homes sold during the qualifying period, which kind of warps the cost/benefit of the program.

By: Daniel

Daniel — Wed, 29 Apr 2009 04:05:48 +0000

Thank you very much for the answer.
Yes, I had thought that I would miss this credit, but wanted to get the confirmation from an expert like you. Thanks again.
From my own house purchase experience, the local market consists of two types of properties: houses priced correctly and sold fast; houses that stay on the market forever. For the first type of houses, sometimes there is a bidding war and serious home buyers have to act decisively and promptly to secure the deal. Definitely they don’t need any extra incentives from the state government.
Given that the governor hasn’t signed the bill yet, I do think Perdue is trying to save this “last bullet” for the second type of houses on the market.
I apologize for this lengthy comment. Thanks again for your reply.
Daniel

By: Aaron Hofmann

Aaron Hofmann — Fri, 24 Apr 2009 13:51:18 +0000

The bill takes effect for purchases as of the 1st of the month for purchases in the subsequent six month period. So, for example, if the governor were to sign the bill today, it would be effective for purchases starting on May 1st. And that would be the earliest, since we’re in April and the governor has not signed the bill yet.
Thanks for the question.

By: Daniel

Daniel — Fri, 24 Apr 2009 05:25:34 +0000

Today is April 24, 2009. I will close on a home at the end of April. Do I still have a chance to qualify for this credit?
Thanks in advance!

By: Aaron Hofmann

Aaron Hofmann — Sat, 18 Apr 2009 14:44:58 +0000

No, you would not qualify. The bill is not retroactive and has not been signed yet. Still unknown if Perdue will sign it or veto it.

By: John

John — Sat, 18 Apr 2009 12:09:06 +0000

So, if I purchased a new home (new construction) around March 22(almost a month ago)
do I qualify for this credit? And, has Sonny already signed this bill?
Has the status of this bill changed? Today is April 18,2009.
Thanks in advance,

John

By: Brad

Brad — Fri, 10 Apr 2009 00:07:54 +0000

Just came across your site, great articles here. Thank You
-Brad