On July 30, 2008, President Bush signed a major housing bill (H.R. 3221) into law. As part of the housing bill, Congress has created a new, temporary tax credit to provide an incentive for first time homebuyers. The $7500 credit will be available for the purchase of a principal residence on or after April 9, 2008 and before July 1, 2009.
There are so many questions floating around about the recently approved HOUSING AND ECONOMIC RECOVERY ACT OF 2008. I believe misinformation leads to "mishaps" and disappointment, so I'd to use this post to separate fact from fiction.
In addition, this credit has the potential to help millions of buyers, sellers, real estate agents, mortgage professionals, home inspectors, appraisers....you name it!
I mean really think about this for a second, as the possible upside to the credit is far-reaching. Talk about stimulus! The Housing and Economic Recovery Act of 2008 could very well help to stimulate and sustain income for many real estate related professionals who could be on the verge of switching careers due to the current challenges of the economy.
So if you haven't already spread the word like it's the best thing since "sliced bread," I recommend you quickly blow in a call, prepare a handwritten note, shoot an email or mail a letter to any of the following:
- First time buyers who may be scared and have gotten cold feet thanks to the mixed messages they hear on the news and from family members & friends.
- Sellers who are afraid to seller due to the negative propaganda they get slammed with.
- Past clients with whom you've done business with.
- Your farming area to whom your market your services and personal brand to.
- Your core sphere of influence (which includes family, friends, colleagues, neighbors)
If you don't reach out to them with this exciting news, please be assured that someone else will!
Checkout the link below to the NAR website for specifics about the HOUSING AND ECONOMIC RECOVERY ACT OF 2008 and FIRST TIME HOMEBUYER TAX CREDIT.
To further put everyone's minds at ease, I'd like to share this great FAQ (frequently asked questions) list that Weichert Realtors is providing (CLICK HERE http://www.weichert.com/firsttimebuyer). The list is lengthy so I opted not to detail all 29 of the FAQ's.
This list presents some really clever scenarios, and aids in painting a much clearer picture for real estate professionals, first time homebuyers and sellers alike. Both links are great reads, so I highly encourage you to check the info out and pass them along to someone who may need the info.
The best is yet to come,
Amber Noble-Garland
REALTOR-ASSOCIATE
Weichert Realtors (Marlboro office)
455 Route 9 South
Manalapan, NJ 07726
917-723-5645 - cell 732-862-1211 - private fax
Top Listing Agent - May 2008, January 2008, October 2007
Top Producing Agent with Highest Revenue Units / Dollar Volume - January 2008
"I'd LOVE to EARN your business!"
NOTE: THIS INFORMATION IS ACCURATE BASED ON INFORMATION AVAILABLE AS OF JULY 30, 2008. AS WITH ANY TAX LAW CHANGE, CHECK WITH A TAX ADVISOR IF THERE ARE QUESTIONS ABOUT USING THIS PROVISION.
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