While President Obama's economic stimulus plan is complex and far reaching, the aspects that pertain to real estate are what are important to REALTORS and the homebuyers currently sitting on the fence. There are several elements of the bill that might just kickstart the real estate industry, mainly some components of the Senate version.
Specifically, it allows a tax credit of the lesser of 10 percent of the cost of home or $15,000, but only for purchases beginning the date the President signs bill. Another key aspect is there is no income limit in this version nor is it restricted to first time homebuyers. And unlike the current tax credit passed by the previous adminstration, there is no repayment due unless the house is sold within two years.
Keep in mind that the law will not take effect until the date it is signed by the President, so purchases made up to that point in time are not affected.
Keep an eye on the final version of the bill - it could have far reaching implications for the real estate industry.
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