Unless you've been living under a rock, you know by now that the economic stimulus package has been approved. Whether it will actually stimulate the economy is highly questionable but there is at least some good in it.
The first time home buyer tax credit created in 2008 has been modified. Originally it provided a credit of up to $7,500 on the purchase of a primary residence. This tax credit was more like a loan as it required repayment over the next 15 years.
With the new stimulus package it has been raised to $8,000 and now only requires repayment if the property is sold within three years. Any unused tax credit will be given to the buyer as a refund.
First time buyers are defined as anyone that has not owned a home in last three years.
What does this mean to buyers in Omaha? Now is a great time to buyer. Prices in Omaha are lower than they have been in many years, there's plenty of inventory to choose from, and now you can save eight grand on your taxes. The program ends on December 1, 2009 so start planning now.
Troy Trumm, Trumm Team - 402-943-9494, Omaha NE
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