Dawn Barrier REALTOR®, 's Blog,LAS VEGAS BLOG

Well folks, it is a done deal now...But, not the $15,000 that was originally submitted...See previous blogs Senate passes $15,000 credit for homebuyers..but wait...its not a done deal yet...

Senator Johnny Isakson, a Georgia Republican who sponsored the amendment has said..said. "I'm extremely disappointed the members of Congress negotiating the final package decided to eliminate my $15,000 tax credit for all Americans who purchase a home. I will continue to pursue my proposal as stand-alone legislation..Read more here

Even though the credit is 10% of the homes value, capped at $8,000,(whichever is less), that is still better than getting 0!  A big plus is that the credit is refundable.

There are restrictions and changes, some of which are...

To qualify, you have to buy a house between Jan. 1 and Dec. 1 and use it as your primary residence.

You must be a first time home buyer (OR.. you haven't owned a house in at least three years)

The credit won't have to be repaid, unless the property owner sells within three years

Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit

Recovery.gov  Read the Bill  You have to go down to about pg 203, HR1 - 192 Div B Tax Provisions Title 1 Sec. 1006

LasVegasHotHomes

Dawn Barrier
Liberty Realty
2920 S. Durango
Las Vegas, Nv 89117

(702) 812-4550

www.DawnBarrier.com

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This is an update from yesterday's post  $15,000 Home Buyers Tax Credit -It may get Buyers off the Fence.

Well, todays vote of 61/37 officially passes thru the Senate the stimulas plan, but now has to pass thru both Houses before the President signs it into law.  So...there still could be some changes/modifications coming.

Lawmakers in the House and Senate will now gather to iron out the considerable differences between the two versions of the legislation, with both sides having the goal of completing the bill within a week so that President Barack Obama can sign the stimulus plan into law....Read more

WSJ link to proposed amendment

Stay tuned and Let's see what happens over the next week.

LasVegasHotHomes

Dawn Barrier
Liberty Realty
2920 S. Durango
Las Vegas, Nv 89117

(702) 812-4550

www.DawnBarrier.com

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The Senate voted last Wednesday night to give a tax break of up to $15,000 to homebuyers in hopes of revitalizing the housing industry, but it isn't official yet...

Senator Johnny Isakson, a Georgia Republican who sponsored the amendment, said it was critical to pulling the economy out of the worst recession in decades. "If we don't fix housing first, it doesn't matter what else we fix," Isakson said. Isakson patterned his plan after a decades-old idea he says helped lift the economy out of recession in 1975. Isakson's website

The provision faces an uncertain future because it would have to win support in the House of Representatives to be included in the final economic stimulus plan. The Senate provision would allow homeowners to split the $15,000 into two separate tax credits of $7,500 to be taken in successive years. Bloomberg.com

The new credit, approved by the Senate Wednesday night, could work like this: Buyers would get 10 percent of the purchase price of any home, up to $15,000, applied to their tax bill.

Purchases must be made within one year of the legislation's enactment, and the tax credit would not have to be repaid.

Anyone who buys a home within a year of the bill's signature would qualify. To deter speculators, buyers must occupy the house as their main residence for at least two years.

This proposal is definitely causing many people to think a bit more seriously about buying a home in 2009.

Stay tuned and Let's see what happens on Tuesday, Feb 9, 2009.

LasVegasHotHomes

Dawn Barrier
Liberty Realty
2920 S. Durango
Las Vegas, Nv 89117

(702) 812-4550

www.DawnBarrier.com

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Builder is discounting homes .... 

 $568,000 Price Reduction: Plan 3784 drops from $920,000 to just $352,000 ($93 per SqFt)    

 $480,000 Price Reduction: Plan 3768 drops from $875,000 to just $395,000 ($105 per SqFt)    

 $480,000 Price Reduction: Plan 4281 drops from $900,000 to just $420,000 ($98 per SqFt)    

$476,000 Price Reduction: Plan 3852 drops from $900,000 to just $424,000 ($110 per SqFt)    

$526,000 Price Reduction: Plan 3855 drops from $950,000 to just $424,000 ($110 per SqFt)    

$480,000 Price Reduction: Plan 4025 drops from $915,000 to just $435,000 ($108 per SqFt)    

$461,000 Price Reduction: Plan 4741 drops from $940,000 to just $479,000 ($101 per SqFt)    

$476,000 Price Reduction: Plan 3852 drops from $900,000 to just $424,000 ($110 per SqFt)    

$428,000 Price Reduction: Plan 5313 drops from $965,000 to just $537,000 ($101 per SqFt)

To see these or find out more, or if you are looking to buy a new home in the North/Northwest Las Vegas area call me for more information or send me an email with your new home criteria and I will email you out available pics and plans.

LasVegasHotHomes

Dawn Barrier
Liberty Realty
2920 S. Durango
Las Vegas, Nv 89117

(702) 812-4550

www.DawnBarrier.com

More Blog

Information provided courtesy of Larry Murphy..SalesTraq