Stimulus Package?

Waiting to hear on the new stimulus package. Really I have very little constructive criticism on the stimulus package, but I will try. Whether or not it will bring economic stimulus is the question of the hour.....frankly, probably not a lot. But, at this point I figure take what you can get. So, for housing this might actually help.
I have heard that there could be up to a $15,000 tax credit for a new home. Not on one you already own. This tax credit could be very beneficial to some. But, what happens when you sell your home? You will probably have to pay as much of the credit back out of your profit. If there is no profit, then there is no repayment. This was a condition when first throwing the idea of the credit around, but we will see what is in the final package. Obviously, my advice would be, be aware. If you take the credit, prepare yourself for what you pay when you resell. Either, put a little money aside each month preparing yourself for the repayment of the credit, put off selling your home until you have an immense amount of equity in your home and the markets are moving again, or don't use the credit.

Don't get me wrong, I think the buyer tax credit could be a very great tool. But, I am a firm believer in understanding completely what you are getting yourself into. It is never to early too plan you next step however lofty it might seem. Try not to get caught up in the hype, read the fine print and then make your government and their programs work for you.

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