Today the Senate approved an addendum to the Obama stimulus plan that really might make this a great time to buy. According to a press release about the addendum:
The amount of the tax credit would be $15,000 or 10 percent of the purchase price, whichever is less. Purchases must be made within one year of the legislation’s enactment, and the tax credit would not have to be repaid.
The current law provides for a $7,500 tax break, but only for first-time homebuyers. If passed, the new law would double the tax credit and extend to all homebuyers.
You can learn more about the proposal at US News & World Report and the Wall Street Journal Blog, and check out what the Trulia Voices community thinks of the proposed tax credit.
Do you think adding this provision will help encourage home buyers to make a move?
Legacy Comments
I say bring it on. Figure – if the current lending guidelines keep parsing out marginal buyers – it might cause them to get their act together and become loan worthy!
I agree Kevin. Weed em out, right! And lite a fire under those that don’t qualify. We need to get back to the basics that made this country great to start with. Hard working, ethical, honest people doing honest practices.