Earlier this year I blogged about an economic stimulus package called the American Recovery Reinvestment Act (ARRA) of 2009. One aspect of this stimulus package is that it has allowed qualified, first time home buyers and/or qualified home buyers (who have not owned a home in 3+ years) to receive up to an $8,000 tax credit. New home buyers must purchase a home between February 1, 2009 and November 30, 2009.
REALTORS, brokers, homeowners alike feel that this legislation has helped move housing inventory and has helped stabilize pricing. In turn, many believe it has reinvigorated slow real estate markets across America. As a result of this hugely successful program REALTORS everywhere have been lobbying Congress to pass legislation which would extend the $8,000 stimulus package until the end of 2010. The National Association of Home Builders (NAHB) and the National Association of REALTORS (NAR) are also lobbying that the extension to apply to ALL HOME BUYERS and not just first time buyers.
The NAR and NAHB have estimated that approximately 1.8 million first-time buyers will take advantage of the $8,000 first-time tax credit before it expires on November 30th. This program is expected to cost about $15.50 billion.
It will be interesting to see what happens with the legislation and how it impacts our markets.
If you have questions or are interested in taking advantage of the current stimulus package please contact me. I would be happy to assist you in finding your new home.
Related posts:
Listings identified with the FMLS IDX logo come from FMLS, are held by brokerage firms other than the owner of this website and the listing brokerage is identified in any listing details. Information is deemed reliable but is not guaranteed. © 2012 First Multiple Listing Service, Inc.