Hello Everyone!
As you probably have heard, today the President signed the American Recovery & Reinvestment Act of 2009. While I'm sure everyone has an opinion on how the economy is being handled and what should or shouldn't be in this act, I want share some exciting news in this act that pertains to my field, real estate.
Here is what was signed today:
First time homebuyers are eligible for a refundable tax credit up to $8,000 or 10 percent of the purchase price for purchasing a home from December 31st 2008 to December 1st 2009! What is different from the original homebuyer credit is that they are waiving the recapture of the credit - meaning you don't have to pay it back! That's right, the government is giving homebuyers $8,000 for buying a home!
The qualifications are: It is for first time homebuyers or those who have had no ownership interest in a principal residence for 3 years. You must purchase and close on a home prior to December 1st, 2009. You must also live in the home for 3 years after your purchase or you will have to pay the credit back. You must also make less than $75,000 for an individual or $150,000 for a couple.
I have been asked numerous times about our real estate market and if now is a good time to buy or sell. YES! NOW is a great time!!! Interest rates have been at record all time lows, hovering around 5 to 5.5%! Home prices are down! AND now, first time homebuyers will receive $8,000 just for buying a home! Not only is this good for first time homebuyers but it is good for Sellers too! Many people that have been on the fence, waiting for the right time to buy are being shoved into an overwhelming "yes this is the time!" This means more buyers will be buying and those Sellers that have been wanting to move will be able to move and so the chain reaction occurs. This year I have already seen a spike in activity due to the home prices and interest rates, and I know this will only further accelerate our market forward.
I have several first time homebuyers that I know will jump at this once in a lifetime opportunity! I can't wait to contact them and tell them the good news! I'm sure you also know several people that have talked about buying or selling a home in recent months. I would like to ask you for your help in getting the opportunity to speak with them. Please let me know who you have in mind!
Thank you for your help and we look forward to hearing from you!
Steve & Christina Clark
Cell 317.345.4582
swclarkjr@yahoo.com