Recently, President Bush signed the housing stimulus bill turning it into the Housing and Economic Recovery Act of 2008. While there are many aspects of this piece of legislation that will help the real estate market and economy, the shining jewel for the real estate industry is a $7,500 tax credit for first-time homebuyers. Meaning, anyone who has not owned a home in the past three years that purchases a home before July 2009 will receive a $7,500 tax credit. This one aspect of the Housing and Economic Recovery Act will give the real estate market the boost it needs to rebuild. This incentive is going to build consumer confidence and bring more buyers into the market to absorb the current amount of inventory. Once the inventory supply decreases, the real estate market will be back to a steady and successful housing market, and you won’t be able to find the great deals on new homes that are currently available.

This is quite possibly the biggest incentive to hit the real estate market in decades, and many home shoppers that have been on the fence about purchasing a new home are no longer going to have any reservations. So, if you are an empty-nester looking to downsize to a new home of a more manageable size, but have been reluctant to put your home on the market because of the slow economy, now is the perfect time to sell. There are going to be a lot more buyers than there were in previous years due to this amazing tax credit, so selling your current home is not going to be as difficult of a task. Then, you’ll be free to purchase a new, luxury Atlanta condo at 1010 Midtown and begin living the easy,

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