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First Time Home Buyers Could Receive A Gift
Congress is working on a new bill that would give First Time Home Buyers an $8,000.00 tax credit to purchase a new home. The bill, which Congress has worked on for several months, has not yet passed and work continues to ensure First Time Home Buyers stay in the market.
A major problem for states like California, is that First Time Home Buyers have left the market. Scared by the falling home prices and tighter lending standards, this essential part of the real estate market has been missing for sometime. A tax credit is a great way to encourage First Time Home Buyers back into the market and increase sales. Some have suggested that the tax credit needs to be more (upwards of $15,000.00) however the legislative initiative has more support and the lower amount.
This move by the Federal Government previously occurred in the 1970's when the U.S. was facing a terrible real estate market. The government issued tax credits for people to buy homes and according to some accounts this was instrumental in getting the real estate market going again.
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