Robert J. Gaffney-Leisure Land and-Properties Realty

Real Estate:

The $8,000 tax credit in the stimulus package is for first time homebuyers to make it easier to purchase a property. The $8,000 credit is a good thing, but buyers have to be aware  if you purchase a home and you use the credit you need to own the home for three years or more before reselling.

The tax credit can make the Amercian dream of homeownership a reality for potential buyers who previously could not afford the investment.

Although, If you need to resell before the three years you will have to pay the money back at a very high interest rate.

If you are considering using the $8,000 tax credit you need to use it before Dec 1, 2009.

The $8,000 tax credit was only one of the provisions of the American Recovery and Reinvestment Act signed into law on Feb 17, 2009.

Americans need to know what are the advantages and pitfalls of using the $8,000 tax credit.

Give us your thoughts on the $8,000 tax credit that was provided through the Obama administration.