What most people don't realize is that the 7500 tax rebate for First time home buyers established last year as part of the Housing stimulus bill is actually a loan. It must be repayed $500 per year starting in 2010.
But if changes that are being discussed are made the $7500 will not have to be repayed. The Tax rebate has not had the effect that our elected officials had anticipated, so they are trying to up the ante. Other ideas that are floating around would extend the tax incentive to all home buyers and would even be larger than $7500. The Treasury is also considering investing in mortgages to help lower rates and make more money available to potential home buyers.
Either way this could be good news for would be home buyers. However, you don't want to wait too long. the $7500 Tax rebate expires July 1, 2009
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Mike Russell is a REALTOR with Keller Williams Realty. Mike specializes in Johnson County Kansas Homes and Real Estate for sale. Mike is a tech savvy realtor with over 17 years experience. Did you enjoy Mike's Blog? Feel free to subscribe or join Mike on his Social Network to stay up to date on Overland Park, Olathe, Leawood, Lenexa, Shawnee and all of Johnson Counties real estate news and more...
Mike Russell & Associates can be reached at 913-266-5828 or MRussell@KW.com or www.SearchjocoHomes.com