A few months ago, I wrote a blog about the $7,500 tax credit for first-time homebuyers that was supposed to be an incentive to stimulate the housing market. Well, the Senate just voted for a $15,000 tax credit (since the $7,500 wasn’t enough money to stimulate anything.)
Sounds good so far? Yes, except that the buyer will have to pay it back.
This is an attempt at a fix, but it will do nothing to stimulate the market. People are worried that housing prices will continue to fall and people are worried about losing their jobs. A $15,000 interest-fee loan is not going to bring buyers back into the market.
A real stimulus was in the proposal that the Senate was expected to debate yesterday. This proposal would provide 30-year fixed financing at a rate of about 4% for anyone purchasing a primary residence. Now that might get the attention of our buyers with solid jobs who have been sitting on the fence waiting to see what will happen next.
Certainly, super low interest rates combined with really great buying opportunities should stimulate our Maryland real estate market, but only time will tell.
If you’re thinking about buying a home, CLICK HERE to receive a free copy of our brochure, 10 Easy Steps to Homeownership.
Also, check out some real deals on our BEST BUYS page.
If you’re considering a move or if you just have some questions about real estate, we’d love to help you. Feel free to call us at 410-215-7131 anytime.
Wishing you sunshine everyday and the home of your dreams,
Jeri
