With the President's address to Congress fresh on my mind, and a smile on my face, a glimmer of hope and a strong back step to my younger years of JFK, I will be happy to publish what the stimulus plan has done for the Real Estate market.
The American Recovery and Reinvestment Act of 2009 was signed on February 17, 2009. The Act includes a few revisions for the First-Time Homebuyers Tax Credit. The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.
The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
This is great news for not only first time buyers, but also for sellers, they have just reduced their asking price by $8,000. This has already made a huge difference in inquires for properties I have listed and I have now moved 3 clients to the actively looking stage.
In Conclusion: "Yes" we can... Thank You President Obama!
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