Looking out my window today I see very little activity whether it is just the normal hustle and bustle of people on the street or in the real estate market place. I don't know if the hot weather has anything to do with it or if it is just a sign of the times. The temperatures have been a little on the high side with very uncomfortable humidity. Nothing new in Philadelphia but the real estate market has been pretty good up until this month. Again I'm not sure why. It really is a great time to buy a home with interest rates at historic lows and home prices at 3 year lows as well as an ample inventory of properties to choose from. But thats the way it is-so be it!
Congress may have an answer soon! In the form of a tax credit for home buyers. Talk on the hill is that anyone buying a home as your primary residence will get a possible $5,000 tax credit. I think this is a great idea and one that can stimulate sale activity. Aside from the tax benefits homeownership brings a 5k tax credit would be nice when you do your returns next April.
Lets hope this gets the ball rolling again with the housing market-so many people are affected by a slowdown as well as our overall economy.
