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