Golden Realty Blog

Great News! Yesterday, the Senate unanimously voted to extend the first-time homebuyer tax credit through April 30, 2010 that provides an $8,000 first-time homebuyer tax credit and creates a new $6,500 credit for homebuyers who have been in their current residence for the last five years or more. Just today, the House has passed the bill and tomorrow November 6, President Obama is expected to sign the legislation into law.

The implications for the economy and its recovery are huge. The tax credit will not only help the buyers who are frantically searching to secure a home before the original deadline, but it will also help the many sellers who have decided to wait out the market as there will be a surge of new buyers, which ultimately will increase demand, thus helping to also stabilize prices. With the creation of a new $6500 for current homeowners, who would like to purchase a new home, it is our prediction that we will see significant activity in the housing market through the Winter months, which is traditionally the slowest time of the year, and continuing into the Spring.

Click for more information about the latest provisions regarding the tax credit.

It must also be noted that the Feds have also talked about an increase in the interest rate, as much as an entire point, which most likely will take effect by March 2010. This will greatly affect the housing market because it will dramatically decrease the purchase power of a large pool of buyers.

So Good News today, but make sure to take advantage of this opportunity now.

Call us to discus your particular situation today…541.343.8269! We have knowledgeable and experienced Buyer’s Specialists standing by to answer any and all of your questions.

This entry was posted on Thursday, November 5th, 2009 at 2:22 pm and is filed under November 2009. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.