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Stimulus Package Amended with $15,000 Tax Credit

Senate Moves Quickly to Stimulate the Economy Through Housing

Once the Senate and Congress finalize the stimulus package, the real estate and related industries can look forward to a busy spring market. The current $7500 tax credit is a great benefit for first home buyers, but the newly approved amendment expands the benefits and to all home buyers. 

Senator Isakson, the co-sponsor of the amendment, is the former head of Northside Realty.  Isakson compared the current housing crisis to that of 1974 and his ideas quickly received Democratic report with little resistance from other members of the Senate.  Therefore, it is likely that this amendment will be included in the final version of the package.

With low interest rates, favorable FHA financing, and lower prices, the $15,000 tax credit will offer a windfall to home buyers that purchase within the next year. 

Call RE/MAX Country Properties/innovations real estate at 800-222-2829 for assistance. 

To view home buying options,obtain information about New England communities and search the MLS go to Virtual Homes real estate.

 The following is a comparison:

 Chart

 

 

Comment balloon 4 commentsFred Doleac • February 05 2009 08:33PM

Comments

Hi Fred - Thanks for your information.  I am in favor of a tax credit for all home buyers and feel this measure (along with other market conditions that favor buyers) will be positive in nature.  It will also helps sellers since we will see some of the current inventory moving.

Posted by Jon Wnoroski, Summit County Realtor (America's 1st Choice RH Realty Co., Inc.) almost 10 years ago

Fred-Thanks for sharing this tax credit table, it is easy to understand.

Posted by Joseph D. Federico, Eastern Massachusetts Real Estate (Donahue Real Estate Co.) almost 10 years ago

Joe - if you have a buyer database, this will be a great opportunity to get them off the fence.

Posted by Fred Doleac, Real Estate in a Virtual World (Fred Doleac - Bean Group) almost 10 years ago

Jon- the missing information that the press doesn't talk about is the FHA financing with 600 credit scores.  Consumers can't take advantage of low rates and tax credits if they don't think they qualify. 

Posted by Fred Doleac, Real Estate in a Virtual World (Fred Doleac - Bean Group) almost 10 years ago

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