What will Congress Do?

Well Congress is deliberating exactly what they are going to do about extending the First Time Home Buyer credit and as well as what they the limits should be in terms of who qualifies. It's really very interesting to see since at least the administration was able to take care of something which was on it's agenda from the onset.
In addition, the government is in no hurry to do anything while we are still in October. Typically because things do slow down in real estate as we head into the holidays and end of year, there isn't the sense of urgency that many realtors believe there should be.
My bet is that it will be re-enacted with little change except that it may allow people to qualify who make a little more money.
As a residential mortgage professional who is trying to survive the market by attracting realtors and their clients, it is a difficult challenge to in tell people they must take action when I truly believe that although the incentive is nice, it is by no means the reason why someone should buy.
My thoughts are that when you are ready do it because you can afford it, however, like all things you may be surprise where you wind up residing, meaning the amenities may be less and the traffic may be worst. Although rates are low and you think you may be able to get the place of your dream for a song and dance, be prepared to empty your bank account and be prepared to stay in your place for no less than 7 years.