Ebby Halliday

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                 DONE: STIMULUS PASSES

What Does It Mean To Real Estate?

     One of the provisions of the $787B package that was just OK'd by Congress is to allow first time homebuyers a $8,000 tax credit with no pay back required. While the overall aim of the Stimulus Plan is to aid the general economy, it also should give a boost to the real estate market.

     No matter how you feel about the measure, almost everyone in the real estate community feels that it will prompt first-time home buyers to take advantage of the incredible real estate opportunities available at this time.

     In a recent article written by Steve Brown in the Friday, Feb. 13th edition of The Dallas Morning News, Lawrence Yun, chief economist for the National Association of Realtors was quoted as saying, "Assuming housing provisions in the economic stimulus package are quickly enacted and provide enough encouragement for homebuyers, we could see a quick lift in home sales for the critical spring home-buying season. If that occurs, we could see home prices begin to stabilize in many metro areas later this year as supply and demand begin to return to balance, which would greatly benefit the overall economy."

     "Sales this month and maybe next month could be hampered by buyers waiting to see the effective date of such a credit," said economist James Gains of Texas A&M University's Real Estate Center. With the White House indicating that President Obama plans to sign the bill early next week, buyers soon should be encouraged to take advantage of one of the best opportunities in our lifetime.

     With interest rates at historic lows, housing prices also as low in some areas as has been seen in years and a tax credit for purchasing, first time homebuyers especially should be elated. The Stimulus Package also offers measures to assist in the creation of jobs and other economy boosters which should help reassert confidence in all prospective homebuyers.

     Title company attorney and economist David Fair pointed out in a recent speech to a group of REALTORS® that Obama's economic stimulus will positively impact the spring market. He further stated that inflationary pressures toward the end of 2009 will make real estate in stable markets like DFW an excellent investment, and as "certainty" returns over the coming months, the DFW residential market is poised to rebound in the spring of 2009 where many parts of the national market will not rebound until 2010.

     The key word is "certainty". When the prospective homebuyers, especially in the lower price ranges, gain confidence in job stability and begin to anticipate the "bottom of the market", they will quickly move to take advantage of the low prices and low mortgage interest rates. As they begin to deplete the saturated market, it will slowly begin to raise home prices. As first time buyers purchase, it will allow sellers to move up to more expensive homes or move on to another location. While this would most likely happen anyway, the passing of the $8,000 tax credit should hasten the natural turnaround.

IF YOU ARE A FIRST TIME HOME BUYER, CONTACT US TO HELP YOU TAKE ADVANTAGE OF THIS UNIQUE OPPORTUNITY FOR HOME OWNERSHIP.

WE HAVE EXTENSIVE INFORMATION AVAILABLE FOR YOU ABOUT PURCHASING A HOME AND YEARS OF EXPERIENCE ASSISTING BUYERS.

WE WILL LISTEN YOUR YOUR REAL ESTATE GOALS, TAKE THE TIME YOU NEED TO FIND JUST THE RIGHT HOME AND MAKE THIS ONE OF THE HAPPIEST AND MOST EXCITING TIMES OF YOUR LIVES!

                                     Click here to see the provisions of the 2008 tax credit in the Stimulus Bill