Will it motivate buyers currently on the fence?
Here's what Congress is proposing for home buyers, now - Temporary credit for home buyers: The bill increases the size of an existing temporary and refundable first-time home buyer credit to $8,000, up from $7,500. It also removes the requirement under current law that the credit be paid back if the buyer stays in the home for at least three years. And it would extend the credit's expiration date to Dec. 1, 2009, from July 1. Those eligible for this credit must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009. The full credit is available to those making $75,000 or less ($150,000 for joint filers).
This is NOT the final language of the bill, but a summary of what congress has agreed upon; subject to a final vote and the signature of President Obama.
Prior to the current agreement the Senate proposed a tax credit up to $15,000. So my question is would an $8,000 tax credit be enough incentive for you to purchase your first home or move up to a larger/more expensive home?
For a complete summary of the proposed stimulus package, click here
If you have questions concerning how the stimulus might affect your ability to obtain a mortgage loan, contact your personal mortgage advisor or Matthew Zimmerman from Century 21 Mortgage. Contact Matthew at: 732.267.8527 or email him at: matthew.zimmerman@mortgagefamily.com Tell him Mike Adams sent you.
Michael Adams-To answer your question Will the stimulus stimulate new buyers. I am kinda on the fence with this one. But I sure hope so. I credit President Barack Obama for the steps he is taking in trying to strengthen our economy and housing market that has been affected by bad decisions from you know who. But Change is here. Have a great weekend. Great post.
You'da thought the buyer bus was ready to hit our town at our last sales meeting before the propsed $15K for everyone was reduced back to the $8K for first time buyers. People were expecting it to become a sellers market and prices to start climbing.
Good to see you here, and on Twitter AND on BlipFm. You are everywhere....
Thanks Lanre and Maureen for your comments. I posted earlier, today, my reservations of the president's new plan. There doesn't appear to be any help for the struggling homeowner who plays by the rules, but is hanging on by his/her thumbs. They seem to be invisible...until they faultier. What's wrong with this picture?
Regarding the signed Stimulus package; I believe a $15,000 tax credit incentive could have been exactly what the doctor order to get the sickly housing patient out of the emergency room. And, yes Maureen, I've got both paddles in the water and I'm rowing as hard as I can. I'm still at Realtown, and on Truila and Zillow too. In terms of buyers, the J-5 sang it best..."I wanna be where you are"!
Good to hear from you too.
Hi, Michael
I think the $15,000 tax credit would have helped the real estate, but I will be ok with the $8,000 at least it is a start. I am also a Century 21 real estate professional too.
Tinker