How is this new Stimulus Package going to affect YOU?

By
Real Estate Broker/Owner with Sun Lakes Realty, Inc.

After weeks of listening to the news, and reading about "The Economic Stimulus Package" also known as The American Recovery and Reinvestment Act of 2009, it has passed both the House and the Senate.  Now how does this affect YOU if you are trying to buy or sell your home? The new Stimulus Package has a few things in it that affects Real Estate Transactions. If you are like the rest of us, we just want to know how this will affect us and the home we want to buy or sell.  In other words how will this affect YOU?

 

Our office is dedicated to listing and selling homes in the three Active Adult Communities of Sun Lakes Country Club, Solera at Oak Valley Greens and Beaumont's Four Seasons.  All three of these developments are Guard Gated Resort Style communities in Banning and Beaumont, CA.  If you are thinking of buying in one of these communities and you haven't bought a home in the past 3 years, and meet a few other requirements, then there is good news for you.  

 

How the new Stimulus Package concerns you, and your Real Estate Needs

 

Sun Lakes Realty in Banning gives Tax Rebate info

 

One of the things the Stimulus Package did was raise the limit for FHA loans, however The Average Price for a home in Sun Lakes, or Solera, or Four Seasons is not anywhere near the FHA loan limit of $727,000, so this wouldn't affect anyone buying or selling in one of these 3 Active Adult Communities.  

 

The next big thing is The Tax Credit of $8,000 - this one is something that could affect you.  Before this new Stimulus Package this was a $7,500 LOAN, which you had to pay back in payments over a period of 15 years.  The good news for you is that now it is NOT a LOAN.  Here's how it works:

 

 

 

  • If you are a 1st time Home Buyer (haven't bought a home in the past 3 years)
  • Must buy a home Between January 1,2009 and December 31,2009
  • You have to live in the home for at least 3 years, or you will have to pay the money back.
  • Income limits for people that file single or joint (taxes) 

 


If you are looking to buy or sell in Sun Lakes Country Club

Call us to see how one of our Certified Senior Specialists can help you

 

 

 

Sun Lakes Realty in Banning, CA wants to make sure that our clients and prospective clients have the information they need to help them with all their Real Estate Needs.

Comments (6)

Kathy McGraw
CELLing Realty - White Water, CA
Riverside County CA Real Estate

Hi Cheri- I wished we had gotten the $15,000 but $8,000 isn't bad either :) 

Feb 16, 2009 04:07 AM
Celeste "SALLY" Cheeseman
Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

Well, it's a tax credit for the first time homebuyer and that's what counts.

Feb 16, 2009 12:42 PM
Sun Lakes Realty Banning, CA
Sun Lakes Realty, Inc. - Banning, CA

Kathy - True...something is better than nothing.  I hope these new incentives for buyers will help them to get off the fence.  Have you seen the new ReMax commercials about how clients are kicking themselves for not taking advantage of the great deals right now?  It's a hoot and so true.  Cheri

Feb 16, 2009 12:45 PM
Sun Lakes Realty Banning, CA
Sun Lakes Realty, Inc. - Banning, CA

Hi Sally, thanks for stopping by.  I think what people also need to realize is the fact that first time home buyer means "haven't bought a house in 3 years".  I think some get confused on that.  Larry & Cheri

Feb 16, 2009 12:50 PM
Janice Sutton
1st Stage Property Transformations - Murrieta, CA
Home Stager - Temecula Murrieta

Thanks for the info!  I really had no idea how this tax credit was going to work.  Sounds like it should help! 

Feb 19, 2009 03:17 AM
Sun Lakes Realty Banning, CA
Sun Lakes Realty, Inc. - Banning, CA

Hi Janice...well it's all we can hope for.  I think today, people need all the help they can get.  Every little bit counts.  Have a great day!  Cheri

Feb 19, 2009 04:06 AM