Economic Stimulus and You!

With all the buzz about stimulus legislation, I thought that I would share some important and exciting news about real estate as it relates to the bill recently signed by the President.

–The government is giving up to an $8,000 tax credit to home buyers for the purchase of any home they will use as their primary residence for the next three years.

Buyers are eligible for a refundable tax credit equal to 10 percent of the purchase price of their new home, up to $8,000. Unlike a similar credit that Congress provided last year, you don't have to pay this one back!

–What's the catch?

1. You must purchase a home after January 1, 2009 and before December 1, 2009. The clock is ticking on this tax credit. The time to buy is now!
2. The new credit gradually phases out for individuals with incomes over $75,000 or married couples with incomes over $150,000. Most Americans are squarely in this range!
3. You must reside in the residence for 3 years from the date of purchase.
4. You must be a first-time home buyer to qualify for the credit. A "first time buyer" is defined as anyone who has not owned a primary residence in the last three years. Is that you, your children, a relative or a friend? If so, there's a new home and up to $8,000 waiting for you!

–Will this make any difference in the housing market, or in the Dayton market, specifically?

Yes! The National Association of Realtors estimates that these provisions could stimulate up to 300,000 additional home sales in the next few months, thus helping stabilize home values.

–What can I do to take advantage of this opportunity?

Contact me for the full details of this extraordinary tax credit, because there are additional provisions including higher loan limits for FHA, Fannie Mae and Freddie Mac, and increases in the residential tax credit through 2010 for certain energy efficient upgrades.

Dayton is a great place to live and a great place to own a home. Now is the time to list or buy your own home - it really is a time like no other in recent history. Interest rates are at historic lows, mortgages are available, inventory is good, and prices have never been more competitive.

Contact me today and let the Irongate "Family of Real Estate Services", Mortgage, Title, and Insurance, help you and your family take full advantage of this market and unique opportunity.

-Greg