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Senate Approves $15,000 Tax Break for Home Buyers

By Elizabeth Weintraub Sacramento Broker

Real Estate Agent with Elizabeth Anne Weintraub, Broker DRE #00697006

February 04, 2009 12:48 PM

This is exciting -- the Senate today voted on the economic stimulus package and approved a tax credit for up to 10% of the purchase price with a maximum of $15,000 for home buyers. It's an amended version of what the House passed, which means it still needs to go to committee. But this is double the amount of the present tax credit which, at the moment, isn't really a tax credit at all but instead an interest-free 15-year loan.

President Obama is behind this big time. Doesn't look like the Republicans are as enthusiastic, but they are in the minority. The President is urging members of Congress to vote on this without delay.

Stay tuned tomorrow for more developments as this piece of legislation works its way through our legislature. I'm stoked. How about you?

The Short Sale Savior, by Elizabeth Weintraub, coming soon to a bookstore near you.

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Paula Swayne

Dunnigan, Realtors, Sacramento (916) 425-9715 - Sacramento, CA

Realtor-Land Park, East Sac & Curtis Park -Dunniga

I heard this was coming down the pike...let's hope it happens! All they have to do is not approve 250,000,000 - 300,000,000 for black boxes for our televisions!

Feb 04, 2009 02:02 PM

Gary Woltal

Keller Williams Realty - Flower Mound, TX

Assoc. Broker Realtor SFR Dallas Ft. Worth

Elizabeth, the larger amount is good of course but I wish they would quit using the word credit.

Feb 04, 2009 02:19 PM

Sharon Richards

Kirsten Realty Tampa Florida - Tampa, FL

Elizabeth - Thanks for the good news! I am wondering as Ann stated above is this for anyone or only 1st time buyers?

Feb 04, 2009 03:53 PM

Mike Saunders

Retired - Athens, GA

The question is whether it is a real credit or a loan like the $7500 "credit" is. But, it still isn't a bad deal. I would rather see something that helps prevent foreclosures, like a 4% readjustment of interest.

Feb 04, 2009 10:38 PM

Elizabeth Weintraub Sacramento Broker

Elizabeth Anne Weintraub, Broker - Sacramento, CA

Put 40 years of experience to work for you

Hi Sharon: I read the story in the New York Times yesterday, but the Washington Post this morning reports the difference between the existing $7,500 tax credit and newly proposed $15,000 credit is the new version is for all home buyers.

Feb 05, 2009 01:25 AM

Amy Salisbury

Leading Edge Properties - Charles Town, WV

West Virginia Realtor/Jefferson/Berkeley

It doesn't matter who added this provision, just that all our reps can work together to pass something that will effect change. Thanks for the update, Elizabeth!

Feb 05, 2009 02:40 AM

Anonymous

Sarah

This is great news!!! Do they plan to include those of us that already qualified for the original $7,500 in 2008 or is it for new home buyers for 2009?

Feb 05, 2009 03:42 AM

#19

Anonymous

Aaron

If I bought a houe In january of 2009 before this passes, will I be able to recieve the $1k tax credit? Or is this applicable onyl to those who purchase after its passed?

Feb 05, 2009 04:07 AM

#20

Troy Erickson AZ Realtor (602) 295-6807

HomeSmart - Chandler, AZ

Your Chandler, Ahwatukee, and East Valley Realtor

Elizabeth, I can't wait th hear more about this one. It's good to hear that this may not only be for first time home buyers. I would also hope this is a true credit, and not an interest free loan. We will just have to wait and see.

Feb 05, 2009 07:30 AM

Regina P. Brown

MBA Broker Consultants - Carlsbad, CA

M.B.A., Broker, Instructor

Elizabeth, this sounds great so far.... I am waiting for the final approval! $15k won't go far here on the CA coast, but it's better than nothing, that's for sure!

Join my new AR group and post your blog at http://activerain.com/groups/virtualoffice

Regina P. Brown

Feb 05, 2009 07:53 AM

Anonymous

Tayo

If we have already amended our taxes for the 7,500 credit, do we ammend again for the 15k.

Feb 05, 2009 09:49 AM

#23

Elizabeth Weintraub Sacramento Broker

Elizabeth Anne Weintraub, Broker - Sacramento, CA

Put 40 years of experience to work for you

I suspect many of these questions, Sarah, Aaron and Tayo, will be answered if and when the amendment gets hammered out. We might have to wait until Monday when Obama holds a nationally televised conference.

Feb 05, 2009 12:04 PM

Kent Anderson

Coldwell Banker Resort Realty, Sandpoint, Idaho - Sandpoint, ID

from Schweitzer to the Lake

Hi Elizabeth - Thanks for the update. I'm going to do a little research right now and see where this thing is headed. We're dealing with a moving target here and I do not trust our government right now. Hopefully, this is a $15,000 tax break for ALL homebuyers...if it is just for 1st time home buyers it will be great for those that qualify but it won't impact the economy much.

Feb 09, 2009 10:29 AM

C Tann-Starr

Tann Starr & Associates, Inc. - Palm Bay, FL

Okay. Now we are getting somewhere. Whoop whoop! Yeah bay-bay! ;-)

Feb 10, 2009 09:22 AM

Kim Cameron, CRS

Better Homes & Gardens Preferred Properties - Town and Country, MO

Broker Salesperson, CRS

Don't count your chickens just yet...$15K is most likely going to merely by the $7500 credit to first time homebuyers that expired in December 2008...good Jan-Sept. 2009 purchases of primary residences.

I'd love to see the $15K tax credit go through, the real estate market could certainly use the boost. Let's keep our fingers crossed for something (anything) in that economic stimulus package.

Feb 12, 2009 09:40 AM

Elizabeth Weintraub Sacramento Broker

Elizabeth Anne Weintraub, Broker - Sacramento, CA

Put 40 years of experience to work for you

Yes, it turned out to be $8,000 and it applies only to first-time home buyers. I wrote an article for About.com about the $8,000 home buyer tax credit.

Feb 28, 2009 01:58 AM

Maureen Francis

Coldwell Banker Weir Manuel - Bloomfield Hills, MI

Coldwell Banker Weir Manuel

Now you see it, now you don't. 15k would have been nice, but 8k is nothing to sneeze at either. I wish I were eligible!

Feb 28, 2009 11:59 PM

Anonymous

Marshel

I would appreciate if you could clarify something for me that i read on your information on this, is it true that first time buyer in this care only means if you havent owned or purchased a home in the last 3 years? Not that you have NEVER owned and purchased a home? I purchased a home about 11 years ago and ended up having to file Bankrupcy with my wife and havent owned a home since and renting is not working anymore!

Apr 02, 2009 05:05 AM

#31

Hannah Williams

HomeStarr Realty - Philadelphia, PA

Expertise NE Philadelphia & Bucks 215-820-3376

Elizabeth..One of my clients just asked me about this.. I am so glad you blog posted this and that i joined this group..Thank you

Helpfulhannah

Jun 20, 2009 07:50 AM

Lane Bailey

Century 21 Results Realty - Suwanee, GA

Realtor & Car Guy

I have to say I hope that this incentivizing stops. It isn't good for the long term health of the housing industry... and it isn't good for the long term health of the economy...

Jun 22, 2009 04:51 PM