Economy Josh on 06 Feb 2009 04:11 am
Senate Approves $15,000 Tax Credit for Homebuyers
If this is your first time visiting Centsability to Wealth you may want to see what we are about or read our introductory post.
We all know the housing market is in the toilet. You may also know that this past April congress implemented a $7,500 tax credit to first time homebuyers (first time homebuyers are defined as not owning a home in the last two years). This credit was to be paid back, interest free, with 15 yearly payments of $500. The idea was to stimulate the housing market and get people to start buying homes again. Obviously, the goal wasn’t accomplished.
Now Congress is back at it, and they are upping the ante this time. As part of President Obama’s stimulus package, the Senate yesterday voted to double the homebuyer tax credit to $15,000 (or 10 percent of the purchase price, whichever is less)! They will also drop the restriction of being limited to new buyers and will get rid of the payback obligation. And in order to keep investors from taking advantage of the plan, you will forfeit the credit if the house is sold within two years of buying it.
$15,000 is a whole lot of money. Will this new, larger tax credit do more to boost the housing market than the first one did? I have no idea. But it is certainly making me consider buying a home this summer.
With our apartment lease ending in June, Courtney and I will soon be looking for a new place to live. Originally we were set on renting for another year, but this latest development may change things. With prices at all-time lows, and now what is basically a $15,000 discount being added in, would it even be wise not to buy now if we know we will be buying sometime in the next two or three years?
What about you guys? Would this new tax credit make you any more likely to buy a house this year? Do you think people should factor it into their decision to buy or rent?
Please continue sending any personal finance related questions, suggestions and tips to centsabilitytowealth@gmail.com
Technorati Tags: personal finance, homebuyer tax credit, housing market, congress, senate, president obama
33 Responses to “Senate Approves $15,000 Tax Credit for Homebuyers”
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