Archive for October 29th, 2009

HomeBuyers Are You On Deck? Better get ready to Step-Up

October 29th, 2009 categories: Buying your Home, Real Estate News

If you’re a homebuyer and you’re “on deck” you may want to get ready to step-up to the plate!

CNBC’s Diana Olick reports today “Home Buyer Tax Credit: Final Deal?” that Congress may be close to extending the popular First Time HomeBuyer Tax Credit program! Good news, but there’s even better news – the revised plan may allow for “step-up” buyers to benefit. That’s right they are finally considering doing for the middle market homebuyers what they’ve done for the lower end / first time buyer! In fact there is some early buzz that a “step-up” homebuyer tax credit would apply on homes up to $800,000! We’ll believe that when we see it, right! But I am optimistic that some help is coming for that stagnant $300K-$500K part of the market and well it should.

First time homebuyers are most often strapped for cash and focused on the down payment – “step -up” buyers on the other hand are much more likely to have cash and will use the tax credit on things like below…. look how many businesses are impacted by the purchase of a home

• lawn /landscape
• furniture
• appliance
• painting / roofing
• patio / deck
• bathroom / kitchen renovations
• home furnishing / bedding
• fence / invisible fence companies
• and many, many more

So please keep an eye on congress and be sure to support any effort to help the middle end of the housing market – it is very important that we get this part of the market moving again to support NOT ONLY the  housing market!

Authored by Donna Johnston | Discussion: Your Comments Please »