$15,000 Tax Credit For Home Buyers Is On The Horizon–Great News for Wasilla & Palmer Real Estate

The stimulus bill being debated has a provision in it for home buyers.  If you decide to purchase a home within a year of the bill being signed by the President, you will be entitled to a $15,000 tax credit. Homebuyers will be entitled to claim a total tax credit of $15,000 or 10% of the purchase price, whichever is less.  To avoid possible abuse of this credit, it is only allowed for your primary residence and will only have to be re-paid if said house is sold within two years of purchase. Isakson, the maker of the amendment, has a lot of experience in the Real Estate market, as he ran one of the most successful Real Estate Brokerage companies in the Southeast for twenty years. He is convinced that this credit will work because of a similar tax break Congress introduced in the mid-1970’s, when our country was in the midst of a housing crisis similar to the one we are faced with today. The results back then were positive, as home values did eventually stabilize and the market recovered. All of this is good news for the real estate market across the country and particularly in areas like Palmer and Wasilla where the average sales price $227,191 and the $15,000 tax credit will have a huge impact.  Remember this will only take affect after the President signs the bill.  If you are currently in the process of purchasing a home, but haven't closed yet, consult your real estate professional as to what your options are.  You don't want to miss this opportunity for a tax credit.  If you are looking for a home to buy, check out my best buy list or the REO/Foreclosure list on my web site.