Myrtle Beach Real Estate - Effects of the 2009 Stimulus Package

Part of the stimulus package gives first-time homebuyers who purchase in 2009 an $8,000 tax credit. “First-time homebuyer” is defined as someone who has not owned a home for the past three years. Combined with the fact that foreclosure filings during January decreased 10% from December 2008 and that some sales in December of 2008 rose 6.5%, we will see prices at the lower end of the price spectrum stabilize. The really great deals will likely be snapped up in the next few months and we should see a price increase in December of 2009 as those who wait will rush to buy before the $8,000 credit is gone.

This credit should help clean up some of the problem loans, short sales and foreclosures that have been a had a negative impact on home prices over the last several months.

In three to six months from now we should see this trend move up the home price scale and by the end of the year mid to high priced homes should be more secure as well. We anticipate higher-priced homes to stabilze sometime during 2010.

Now is the time to buy. Don't wait and miss out on these extraordinary deals. Contact a Condolux agent today and let them help you find the Myrtle Beach home of your dreams.

Reported in The Sun News by Jessica Foster