Good News 1st tme Home Buyers Tax Credit Likely to be Extended
The Senate is considering extending the $8,000 1st Time Homebuyers Tax Credit said Senator Chris Dodd Chairman of the Senate Banking Committee. The discussion centers on whether it will be extended to March or June of 2010. It looks like there is enough momentum to get this done in the near future. The tax credit has been a boon the real estate recovery. This is good news for buyers as well as the economy. This is one stimulus that directly benefits buyers and local economies instead of big banks.
The combination of low interest rates, the 1st time home buyer's tax credit and some of the lowest prices for homes in years have created the perfect conditions to purchase a home. The Stockton Real Estate Market has benefited tremendously from this surge in 1st time buyer activity. 1st time home buyers account for up to 30% of July home sales. For 1st time home buyers there probably has never been a better time to become a homeowner. The time to act is now. We can only see the picture we have now.
Good news for sellers, the annual rate for of decline in home prices is trending towards improvement and the decline has slowed. California has seen positive movement in the last few months. Some experts claim we are very close to the bottom.