Whilst we hear all the talk from Congress that they understand real estate needs to lead the way for jolting the economy I wonder if tax credits and hand outs are going to do the job. we currently have historic low interest rates that should be encouraging buyers to act and not wait but we are seeing buyers just looking and taking no action to buy inventory that sellers are desperate to sell.
Also how fair are the credits, if you have recently lost a job and need to sell a home are you going to be able to buy something else or are you going to rent? So do the credits benefit the wealthier members of society and harm those that really need help?
Would a plan that revamps the mortgage mess, taking out of the mix those homes that are behind and re-arrange the mortgages with lower rates for those in trouble keeping people in their homes not be better. Is this the best use of the funds available? As Realtors we should be making sure homes are affordable, secure for those who have invested in them and not just pushing a bill that rewards those who can buy now and take advantage of the mess that the country is currently experiencing.
These are simply my thoughts that I am kicking around in my head, so weigh in and say what you think. I am always open to new ideas and am a great believer in keeping it simple.