Are you stimulated?
To be stimulated is defined as a rouse to activity or heightened action,
creating excitement. This is the
plan to better our economy with the American Recovery and Reinvestment Act of
2009 passed in February. This consumer benefit encourages us to move money by
purchasing real estate, updating our home with energy efficient components, and
is assistance to many distressed neighborhoods and home owners. Will you be stimulated by any of these
opportunities?
First time home buyers benefit with either 10% of their home purchase or
$8,000 tax credit (refund) for homes purchased January 1, 2009 through December
1, 2009. Buyers are using the tax
credit in many ways. Paying student
loans, auto loans, and credit cards to lowering monthly debt. Another option amongst new home owners
is to build up savings or replace the down payment they spent to buy their new
house.
Could a remodel or energy efficiency update be a consideration in the new
future? To promote green and energy
independence, 30% tax credit on new furnaces, windows, insulation,
weatherization, and other efficiency updates. You must verify the components you agree
to put in your house meet the requirements of the energy bill. This benefit for updates in your home is
available through 2010. Energy
efficient updates will save you monthly utility costs and be a benefit when you
decide to sell.
The stimulus bill also increases FHA loan limits to $271,050. FHA loans are government backed
mortgages allowing fewer down payments, a low fixed rate term, more flexibility
with your credit score for qualifying.
Neighborhood stabilization for depressed markets,
foreclosure assistance, and low income housing grants are available to balance
home values.
Our local real estate market will benefit due to the increase of buyers
purchasing homes. For a summary of
“The Recovery and Reinvestment Act of 2009” visit our e-newsletter at www.heathermorrisrealtor.com.
Heather Morris CRS, ABR, GRI,
CLHMS
Broker Associate/ Skogman Realty
