Well, the dust has settled and what are we left with after President Obama, congress and the senate fought out the stimulus package and housing bill.

For Portland its pretty good stuff.  What we didn't get is the $15,000 of assistance the Senate passed, and that's a shame because it would have applied to everyone who buys a home as a personal residence.  Its good for us because we have many good houses in the $230k - $300k range where the new credit makes sense.

What we DID get though is good.....  All first time buyers now have a one time $8,000 tax credit if they buy a house this year. This IS NOT A LOAN like last year's plan, but a true credit.  The house must have been closed between January 1st 2009 and December 31st 2009.   A first time home buyer according to the IRS is anyone who hasn't owned a home in the last three years.    It is income guided, so as a single person you have to have earned less than $95,000 or $170,000 if married, and you should check with your tax advisor to make sure you qualify.

I have already been contacted by a few of my clients who have children who are in the 21-24 year age range and are looking to buy a house.  This is a fantastic program for them to use.