Stimulus Package

Well, we are still waiting for the final details on the stimulus package, but it appears that the "First Time Homebuyer" tax credit will become part of teh final bill. It will not be as bold as first expected, but still a very important step in getting buyers (you) to get active inyour home buying process.

We think it will wind up being a 10%, up to $8000, tax credit for home bought between 12/21/08 - 12/31/09. And the important part is that it will not have to be repaid.

Of course, there may still be other tax implications, but on the surface this appears to be a great tool for home buyers. A first time buyer is defined as anyone that has either never ownerd a home (duh!), or one that has not owned a home as a primary residence on the last three consecutive years. The last draft I read was still a little blurry on whether owning a rental home still allowed for first time status and I will be watching for that, along with other details and pass it along.

Another great news item for the greater San Antonio area is that USAA is bringing 1000 jobs here from other locations! Of course, many will be local hire, but also many new arrivals. Ths will allow more homes to be sold and give the seller market a boost.