Real estate continues to be the best investment on the planet. Of course, it is a long term investment where you can build equity and appreciation as well as enjoy the tax benefits of home ownership. The new stimulus plan that was passed in February 2008 included a tax credit to first time homebuyers. Any first time buyer (a buyer who has not owned a property in the past three years) is entitled to an $8000 tax credit if they purchase a property in 2009 prior to December 1st (as long as they qualify within the income limitations). Unlike last year's tax credit of $7500 for those buyers that purchased from April through December in 2008 where repayment was required...the $8000 credit is just that, a credit with no repayment!
Mortgage rates continue to be at historic lows, there is an abundance of inventory on the market with prices either flat or declining in many areas of the country, and the buyer is in the driver's seat! If a buyer has stable employment, good credit, and a nest egg available for a down payment and closing costs (or a family member willing to "gift" them funds to close, plus a knowledgeable and experienced REALTOR helping them navigate through the home buying process--BUY NOW!
If the current economic condition heads toward recovery in the time frame that was projected, those buyers that are on the fence waiting for prices to go even lower may just miss the boat!
Once they determine the bottom is here and it is time to act, it will be too late, because an upswing would have already begun.
The thought of the IRS crediting a qualified first time home buyer $8000 is a great incentive! ALL eligible buyers should seriously consider taking advantage of this unbelievable opportunity that has been presented to them by this stimulus package before it's gone! I am excited about helping first time buyers in Bloomsburg, Berwick, Danville, and the outlying areas of Columbia, Montour, and lower Luzerne counties in Pennsylvania to help them get the American Dream!
The National Association of REALTORS has prepared an excellent presentation explaining the details of the tax credit. Please CLICK HERE to review this information to see if you qualify, then e-mail me to begin your search.