A New Approach to Buying And Selling Real Estate in Bennington and Southern Vermont – The Stimulus Package in Vermont
YES! The stimulus package has confirmed that there will be a tax credit (not a loan, a credit) of up to $8,000 that should boost every first home buyer’s motivation to get into the Bennington real estate market now…….It won’t help everyone because credit scores of 700+ are the ideal and job loss, job furloughs or even a reduced salary as a result of the current economy may impact your credit score. However, for those with jobs and close to or above 700 credit scores THIS IS YOUR LUCKY DAY!…..I defy you to reason out why paying rent, which is a total loss at the end of the year, is better than buying a home and receiving deductions on your taxable income for mortgage interest, real estate taxes and even some of your closing costs. Don’t forget the prices in Southern Vermont are at all time affordability and interest rates remain at all time lows. Low down payment loans through FHA and other Vermont State programs make this all doable.
That’s just the beginning of the story because if we can get first time home buyers in Bennington and Southern Vermont moving, there will be a subtle wave of building home sales….for instance the purchase of a small house by the first time home buyer allows that seller who has owned for five years to upgrade into the next price range and that seller also gets to upgrade to his new level of dream home and onward and upward it goes! Those folks living in metropolitan areas will experience the same phenomena and once the banks are in recovery, Wall Street will be relieved and begin showing confidence and once again people start investing in second homes…..
So……..those of you who are first time home purchasers, this is why you have been singled out for such a great bonus – it’s up to you to get the market moving and we are counting on you! You have the opportunity of a lifetime – don’t miss it!
Tags: banks, buying, first time home buyers, interest rates, real estate, selling, tax credit