Good news for first time home buyers with the Housing and Economic Relief Bill signed today (July 30,2008) by President Bush!
In the bill, first time home buyers who purchase between April 9,2008 and July 1, 2009 will receive up to a $7,500 tax credit!
For those who have been waiting, now is the time to buy. With this bill it is likely to turn things around in the housing market, which means purchase prices will likely go up in the coming months. Interest rates are still around 6.5%, which is historically low, but they might go up in the next few months.
If you are considering making a purchase, now is the time to talk to a real estate professional and mortgage professional to see if it is the right time for you to buy a home.
Here are some links that might be of interest to you:
Info on the First-time homebuyers tax credit
Brian's Blog with links to articles about the housing bill
Real Estate Professional - Brian Solinsky's email
Mortgage Professional - Lissa Solinsky's email
Good news maybe, but I think our illustrious government could have done better.