How will the new extended and expanded stimulus affect real estate?

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Real Estate Agent with RE/MAX Impact

Had several clients ask this same question this week. 

QUESTION:

 How will the new extended and expanded stimulus affect real estate?

ANSWER:

First, let me reiterate that the $8000 tax credit for first time buyers and the new $6500 tax credit (if you have owned for 5 years) has been approved through April 30, 2010.  It will definitely help as evidenced by the strong number of sales this year.  It will also give an incentive to those who currently own a home, which will help sell homes priced higher than $250,000.  Philosophically, I don't agree with giving tax money to people to get them to buy things.  It isn't fair to people who purchased before the incentive program and to those who purchase after it.  However, I'm not raising too much fuss because I benefit greatly by it.  Long story short If you have been wanting to upsize, downsize or move to Florida...you have a 6 month window that will help you get that done.  Will they extend the program beyond April?  Dunno.  I'm not sure they will have the money.  In fact, I'm not sure where they're getting the money now!

The time to do anything is when you can.  Don't wait till March or April and hope the government extends the program again.  They can't continue to do it forever.  Most of the "stars" are aligned now...free money, low interest rates, low home prices, lots of inventory.  As the Buick commercial says, "The only thing missing is You".  Selling will still take excellent marketing and presentation.  Call me to help with that.  

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Rainer
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John Jacobus

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