Breaking News | First Time Homebuyers and others
There was a lot of chatter on the news (and real estate blog sites and on-line news posts) yesterday and this morning about extending and possibly expanding the (first time home buyer) tax credit. Most news reports did not make it clear that the agreement reached by Senate leadership has not found its way into an existing bill or a stand alone bill. That may be resolved today. Once a bill passes the Senate, it still must go to the House for concurrence; and then has to be signed into law by the President. In other words, any action has a long way to go before it becomes law. The action in the Senate yesterday was good news and significant; however, this is not yet a done deal. If you support extending and/or expanding the tax credit, now is the time to contact your senators and congressmen to let them know how you feel.
A side note: Jobs are important; statistically every home transaction brings into the local community approximately $63,000. That movement of money can help improve the local economy.
Agree or disagree, this is an important issue for Real Estate Agents and those concerned with the Corvallis, Albany and Mid-Willamette Valley market.
If some form of this bill passes, I would expect to see some movement of Buyers and Sellers in the Corvallis, Oregon and Albany, Oregon markets. More first-time home buyers will have time to enter the market, and the move-up buyer will be in a better position to purchase in the Luxury Home Market; creating demand at all levels.
To get in touch with (or find out who they are) your elected officials you may want to visit Senate.gov or your Congressman at House.gov
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