Real Economic Stimulus
This past week the Lieberman/Isakson Amendment was included in the senate version of the Economic Stimulus Bill by a unanimous voice vote. This amendment would provide a Tax Credit to all home buyers at the rate of 10% of the sales price up to a limit of $15,000. The credit would be available for a one year period to all purchasers of primary residences.
In addition, the senate is debating Amendment 353, a proposal by Senator John Ensign (R-NV) that would provide 30 year fixed financing at a rate of about 4%, for anyone purchasing a primary residence.
If these two provisions survive in the final passage of a stimulus bill they could have a tremendous impact on our industry. If they are coupled together with provisions to ease the flow of credit and reduce foreclosures, we could see an immediate and dramatic turn-around in real estate.
I feel that these provisions represent real economic stimulus. They will put money in the hands of millions of homeowners, increase sales, stabilize home values and add more revenues to local communities in the form of property taxes.
Please contact your state senators and representatives to encourage them to ratify this plan. The real estate market is a vital cog in the machine that is real economic recovery.
Adam Tarr, ABR,ePro, RSPS,CNE
Assoc. Broker
RE/MAX Excalibur
Scottsdale, AZ
480-236-7374
adam@WeAreAZRealEstate.com