A report from Washington says there are 12 different bills on the floor of the House of Reps currently that will extend and likely expand the tax credit to buyers. Many of the bills include tax credits for ALL buyers, no matter their status. The first time buyer credit has done it's job in jump starting the housing market with the low end and first time buyers, but not with the second home market. ( houses from 140K and up in the S. Kentucky market )
The activity from the sellers of the homes bought by those taking advantage of the current program is unexpected. They have sold their properties and bought into the "foreclosure" or "short sale" market to be able to conserve their cash from the sale of their home. I would say that after the normal repairs are done on the homes they bought through that process, they may have been better off buying into the normal market conditions. The new proposals include raising the tax credit limit, and erase the first time buyer tag to get the over inventory of "second" homes off the market now. That will do great things for our market, and give it a well needed boost!
Any questions or comments for Value Sell Real Estate in Bowling Green, Kentucky, please call 270-846-1818, or email me. I'd love to hear from you!