President Obama signed a bill yesterday that will give a $8000 tax credit to first time home buyers. “The bill is a $780 billion package, with roughly 35% of the package devoted to tax cuts (mostly for 2009) and the rest to spending intended to occur in 2009 and 2010.” It’s called “The American Recovery and Reinvestment Act of 2009.”
The National Association of Realtors has details of the $8000 tax credit and other provisions.
Many buyers and onlookers of the market are beginning to agree that now, more than ever, could be a great time buy a home. With inventories high and interest rates at 40 year lows there are many reasons to consider buying a home.
As the government dishes out money to first time home buyers, I expect that you’ll see even more competition among buyers in the most affordable price ranges which already make up the bulk of what is selling in the Treasury Valley (70% of homes sold in 2008 were under $250,000) and waiting to buy could be the wrong decision. Worse yet however could be the return to uneducated, un-counciled, irrational buying — behavior that I believe lends plenty of blame to a good portion of the mess that the market is currently dealing with.
Here are 5 Pitfalls to avoid when buying in 2009. As always make your purchase thoughtfully, educated and with the council of a great Realtor like myself. I am willing to help you put together a custom plan for achieving your real estate and financial goals. Call me anytime at 208-724-7602
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