New Law could make it possible for buyers to pocket an additional $15,000 with the Home Buyer Tax Credit. Not only are buyers able to buy real estate at record low prices and get the lowest interest rates since the depression of 1929 but now they can make an additional $15,000 dollars by purchasing a home! Unbelievable!!
Below is a snipit from a Bloomberg article explaining some of the negotiations going on in Washington.
"Feb. 5 (Bloomberg) -- The U.S. Senate voted to cut taxes on homebuyers and weaken “Buy American” provisions in an economic stimulus package that tops $900 billion and could come to a vote as soon as today.
Lawmakers, aiming to boost the ailing housing industry, yesterday unanimously approved a Republican amendment that would temporarily offer home buyers a tax credit worth $15,000 or 10 percent of a home’s purchase price, whichever is less. The plan would cost $18 billion.
Senator Johnny Isakson, a Georgia Republican who sponsored the amendment, said it was critical to pulling the economy out of the worst recession in decades. “If we don’t fix housing first, it doesn’t matter what else we fix,” Isakson said."
While this is clearly GREAT news, my concern is that there are some of you that will wait for the approval of the credit with plans of pairing "savings" with the current low interest rates. I'm concerned because by the time this measure is fully passed and enacted the rate train may have left the station."
For anyone in a position to buy a home- there is no better time than right now!
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