Friends, if any of you know of any other friends or acquaintances who have been talking about buying a new home, and they are first time buyers, or haven't owned a home in the past three years, now would be a great time to buy!
There are three reasons I say this. One, housing costs have been going down nation-wide for the past 12, 18, 24 months depending on where you live. Two, interest rates on home loans are at or near a historical low. And three, we've just seen the enactment of President Obama's 2009 "Economic Stimulus Plan" which provides an $8,000 tax credit for first-time buyers or folks who haven't owned a home in the past three years. This represents a real win/win situation for the nation and to targeted individuals. For the nation, this is meant to provide a demand side stimulus to the depressed national housing market. For those folks who have been wanting and waiting to purchase their first home (or first home in a while), this provides real money in their pockets that can make the difference in a comfortable home purchase. It's like a $8,000 gift from mom and dad only it's from Uncle Sam.
A couple of the details of the tax credit are: used to purchase a home in 2009, does not have to be paid back like the similar 2008 tax credit, and only gets "recaptured" if sell the home within three years of purchase.
This is a great deal! Go buy your first home! Get help from a local Realtor!
For more information about the 2009 Economic Stimulus Plan (also known as the American Recovery and Reinvestment Act) checkout the following link: http://www.realtor.org/press_room/news_releases/2009/02/realtors_support_aid_to_troubled_homeowners?lid=ronav0019
For more information about the $8,000 First Time Home Buyer Tax Credit (which is part of the Homeowner Affordability and Stability Plan which is itself a part of the larger American Recovery and Reinvestment Act) checkout the following link: http://www.realtor.org/government_affairs/gapublic/american_recovery_reinvestment_act_home?lid=ronav0019
If you have any questions or would just like bounce things off a Realtor, feel free to contact me!
Best,
Kent
Kent Dills BS, MS, ePRO
Realtor, The Michael Group - Hurst
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