Wednesday, October 29, 2008
There’s no doubt that everyone is watching and waiting to see what happens on Election Day, myself included. But the really important matter is what’s going to happen AFTER the election.
Typically the final session of Congress is a “lame duck” session but with the current woes in the economy, many are hopeful for some important measures to start taking shape.
One focus that should be starring a lead role in Congressional debates is what to do about another economic stimulus package. Will efforts be made to pass yet another bill to stimulate spending and if so, will it be directed more substantially to home buyers?
This past February brought with it a $150 billion plan that included re-payable tax credits for first time homebuyers. The talk on Capitol Hill must now turn towards what they can do for ALL home buyers to encourage real estate sales. The National Association of Realtors is lobbying hard for a nationwide relief package in hopes of jump-starting what has become a dramatically slowed industry.
It’s still too early to say if any relief would come in the form of second home purchases or investment property, but any spark given to the housing market would create a needed trickle effect.
For example, in Steamboat we’re seeing a lot of second home buyers who are waiting to sell property elsewhere before they can invest in Steamboat. If a home buyer tax credit helped facilitate that investor’s property sale elsewhere, it would logically foster their purchase here. Steamboat has the needed inventory right now, what we need are more buyers.