From a Real Estate Agent, or a Lender point of view, what kind of impact will the latest tax legislation have on our market in the Northwest? I'm curious to know if anyone has experienced a surge in buyer activity because of this.
On a national level there seems to be a lot of interest in at least learning more about the details of the tax credit. www.federalhousingtaxcredit.com is a newly launched web site that has had almost 10,000 visitors to the site each day.
It includes details and questions and answers on how home buyers can use the credit and is divided into four sections:
- Tax Credit at a Glance. This provides a brief overview on how the credit works.
- Frequently Asked Questions. A clear to read question and answer format contains basic information about the tax credit, including the definition of a first-time home buyer, what type of homes qualify for the tax credit, what are the income limits to qualify, payback provisions and more.
- The Law's Other Provisions. In addition to the tax credit, this section summarizes a number of provisions in the Housing and Economic Recovery Act of 2008 that will help prevent foreclosures, reinvigorate the housing market and strengthen the nation's economy.
- Home Buyer Resources. Provides online resources to make the buying process smoother.
It would be great to hear from locals on this one. Thanks!