WOW! $15,000 for FREE! - Will this increase the housing market?

By
Real Estate Agent with Realty Professionals, Inc.

I know everyone has probably heard of the $7,500 tax credit that was passed last year on the stimulus package.  Basically, it is a interest free loan, not free money.  Plus you had to be a first time home buyer.  This is all good though.  Where can you get $7,500 interest free and have 15 tears to pay it back.

Now, it is my understanding that WHEN / IF this new stimulus package passes, EVERYONE that purchases a PERSONAL RESIDENCE can get 10% of the purchase price of their home up to $15,000 in tax credits if they purchase it before December 31, 2009 and you don't have to pay it back.  WOW!  THAT IS $15,000 FREE!  Now, if I was interested in buying a new principle residence then I would be waiting to see if it passes and I think there are some that are doing that.  Unless they make it retroactive and I have not seen where they are, everyone that purchased a home up til this package passes, will have to meet the guidelines of the old stimulus.

What do you think, will this increase the housing market?

I am a Realtor in Searcy, Arkansas and I sell new homes, existing homes, commercial property, farms and land as well as manage and own rental properties. If you are looking for real estate for an investment or a home, I will be glad to assist you! You can call my personal cell number at 501-278-7659 or e-mail me at Larry@Searcy4Sale.com. Visit my website at http://www.searcy4sale.com

Comments (8)

Danielle Daniels
Real Estate Showcase - Marion, OH
I'm hopeful but am seeing in my market that those able to afford housing have it and are holding on tight, while those that don't own have good reason not to. Unfortunately, I doubt it will have much effect in Marion, Ohio though I do believe it will in some larger areas and atleast to begin some movement.
Feb 10, 2009 11:58 PM
Jon Wnoroski
America's 1st Choice RH Realty Co., Inc. - Green, OH
Summit County Realtor

Hi Larry - There are buyers sitting on the fence right now waiting to see what the final bill will look like.  The $15,000 credit may get them off the fence and prove to be a stimulus to our market.  We can only wait and see what the final affect will be.

Feb 11, 2009 12:02 AM
Larry Story ALC
Total Care Realty - Greensboro, NC
Beneath it all is the Land, Covering all of NC

Larry great name.  Yes, I am waiting on edge to see what will make it through on the final package.  I already have a couple of buyers that have heard about it might happen and are looking feverishly.  Of course I think it only goes till July 1.

Feb 11, 2009 12:20 AM
Mary PAUL, ABR, CRS,GRI, e-PRO,
RE/MAX Advantage Realtors, Searcy, AR - Searcy, AR
Larry, I think some buyers will wait, but if you need to buy now, such as relocation, it won't make a difference. I like the program and hope it passes. Great post.
Feb 11, 2009 02:48 AM
Walter Grewe III
Long and Foster Realtors - Roanoke, VA
Realtor, SFR, A-REO, Roanoke Homes and Real Estate
If this comes to pass, I will sell my house and buy a new one just to get the tax return.
Feb 11, 2009 03:37 AM
Barbara S. Duncan
RE/MAX Advantage - Searcy, AR
GRI, e-PRO, Executive Broker, Searcy AR

Larry, what a good idea to include the little movie in your blog.  You're unique! 

Feb 11, 2009 12:41 PM
Joshua Hagan
Century 21 Exclamation Realty - Rogers, AR

well, didn't happen... They cut out the 15000 of the package.  I think it would have helped in the short run though i'm not upset it didn't make it in because the long term effects i believe would have been just as negative on us as this bill i believe will be on our future generations

Feb 11, 2009 01:26 PM
Joshua Hagan
Century 21 Exclamation Realty - Rogers, AR

I like the video idea too. just watched it.  Send me your N.W Arkansas referals!!

Feb 11, 2009 01:27 PM