Currently, first time homebuyers qualify for a $8,000 tax credit. What would you think if it went from $8,000 to $15,000? I think it sounds pretty good!!!
In Washington on June 11th, 2009 The Housing Working Group made recommendations to the Obama Administration regarding efforts to stabilize and bring back the housing market. They feel that if the housing market is not addressed and corrected, we could sink further into economic hardships.
Their recommendations to the Obama administration include:
Keeping interest rates for 30 year fixed mortgages at historic lows for the next year.
Also, along with some other recommendations, they want to increase the tax credit to 10% of the purchase price with a cap at $15,000. They also want to make this available to all homebuyers and not just first-time homebuyers. Additionally, they would remove the current income restrictions and include all homestead residence purchases for one year.
This information came to me from the National Association of Realtors.
In my personal experience the market has definitely picked up in the last 6 months, I could only imagine what a boost this additional money would give the housing market!!!!
I'm going to stay on top of this information and give updates, as I receive them.
If anyone is looking to buy or sell in the Boca Raton, Delray Beach or Boynton Beach area please give me a call!!!!!
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