The $8K first-time homebuyer tax credit has accomplished just what is was designed to do; that is to stimulate the housing market. The majority of sales this year have been first-time home buyers. And for Ga. residences, many first-time homebuyers as well as all other home buyers, have been able to take advantage of the Ga. State tax credit of $1800, which is spread out over 3 years. These tax credits will end as of Dec. 1, 2009. As we are moving toward the deadline, no need for you potential home buyers to feel like you have lost out by not getting off the fence and purchasing property yet.
In a effort to help return stability and growth to the U.S. housing market, Senator Johnny Isakson (R-GA) has introduced legislation that would dramatically expand the $8K first-time homebuyer federal tax credit program. The bill nearly doubles the $8K federal tax credit to $15K! It eliminates the original requirements and restrictions in the existing federal and state tax credits. This proposed federal tax credit would allow everyone who buys real estate to qualify. For more information go to http://bit.ly/uW8mL.
As a real estate professional, I certainly support it. But I do have to be honest in saying that I am concerned about some points. i.e. If this legislation goes through, what happens a year from now? Once this stimulus money ends what will happen to the housing market? Where is all this stimulus money coming from? Something to think about!!!!