Its been a while since something from the “bailout” seemed to actually translate to anything helpful for the homeowners on Main Street…so it looks like they threw us a bone:
Last night, the Senate approved a significant credit to the housing stimulus plan. They took the $7,500 homebuyers credit that was already enacted last year – and doubled down on it! Here are some of the details which are working thier way through the Senate and House:
* The tax credit is for the amount of $15,000 or 10% of the purchase price (whichever is less), with the option to utilize all in one year or spread out over two years. The credit does not have to be paid back.
* The tax credit is available to all purchases of any home from date of enactment for one full year – no longer just a first time homebuyer credit.
* Able to claim the credit against the 2008 tax return
* Buyers must occupy the home for two years as their principle residence
* Includes a two year recapture provision (if they leave the home in two years they lost the credit)
* Purchases of homes by investors are ineligible
* Sunsets the previous $7,500 Housing Tax credit on the date of enactment
* The credit is not refundable. (The $7500 credit was refundable, but had to be paid back).
You, like me, know that it sometimes can be the confluence of the little things that add up to the bigger ones, do they not? Let’s push on our local leaders to get this approved so that there is one more really good reason to get hungry buyers off the fence and into the next market swing, shall we?
Who is the next person you konw who is most likely to buy a home in 2009? Perhaps we could brainstorm about how you could introduce them to me so that they can get a plan, clearly define their values and map out a strategy for ownership in the weeks and months ahead. You can feel comfortable connecting with us right here.