While the $15,000 tax credit was appealing to home buyers, it also increased the overall stimulus package that the Congress is working on…so what did they do?
According to an article in the Associated Press:
“Working to accommodate the new, lower overall limit of the bill, negotiators effectively wiped out a Senate-passed provision for a new $15,000 tax credit to defray the cost of buying a home, these officials said. The agreement would allow taxpayers to deduct the sales tax paid on new car purchases, but not the interest on loans for the same vehicles.”
It has been adjusted to $8,000 for first time buyers who qualify.
Regardless of the actual tax credit, homes are more affordable for first time buyers of Long Beach homes and condos as well as move up or relocating home buyers…and we have found some great buys for investors too during this time.