It's not official law quite yet but the Senate took a bold step yesterday to truly stimulate the real estate market. They approved an amendment to the upcoming stimulus package that would essentially give $15,000 to anyone who buys a home in 2009. This money would come in the form of a tax credit and will not have to be paid back! The provision states that a home buyer can receive 10% of the price of their purchase up to $15k. Home prices in Seattle essentially dictate that most buyers will qualify for the full amount. If you owe money on your 2009 taxes, the amount you owe would be taken out of the $15k. This is great news for our markets, economy and any buyers sitting on the fence.
If you've been waiting for prices to drop or interest rates to drop, $15,000 should be enough reason to make you buy now while both rates and prices are low! The longer a person waits, the more buyers will enter the market to cash in on their tax credit. This will have a stimulating effect on the market and cause prices to level out or rise in some micro-markets.
Read the NY Times article explaining the tax credit.
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