Tax Credit for Home Buyers
Keep your eyes on the legislation being debated in congress. The house version of the stimulous bill would eliminate the requirement to re-pay the tax credit of up to $7,500. The senate is proposing up to $15,000 as a tax credit and opening it up to any purchaser....not just a first time home buyer (see earlier in this blog for more information on the current rules). Tax changes always have winners and losers but one thing is certain; offering a huge gift to anyone who buys a home, will certainly encourage more people to get into the market. If these new rules take effect, it should help stabilize our prices. For those thinking about investing for re-sale, it should mean more potential buyers down the road.
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