The stimulus, the stimulus—it is hard to go to a news site or blog now without seeing something about the stimulus plan, good or bad. The one thing that seems to be a common thought is everybody hopes it works whether they like the plan or not. There are many ways the stimulus plan might affect Edison condo buyers and sellers.
The biggest benefit to both buyers and sellers is the proposed tax break for any first-time buyer purchasing a home (including condos) in 2009. That last part is the one down point in the plan. Homes must be purchased in the current year, retroactive to the beginning of 2009, and ending December 31st. That should, however provide a decent impetus to get things moving again. While it is short lived, it could boost the New Jersey market long enough so that the forward motion continues past this year.
Mortgage Incentive
Not for the buyers and sellers in particular, the banking and finance industry is set to receive the biggest portion of the stimulus plan. That can only help both buyers and sellers of Edison condo units, though, as it means buyers once again have the ability to get mortgage loans.
More expensive luxury homes and condos will also be given lower interest rates and affordable mortgage loans. There does seem to be some argument over whether the stimulus plan will raise or lower mortgage rates so that remains to be seen.
One thing is sure, FIRST TIME HOME BUYERS this year have a great shot at owning an Edison condo, and all the conveniences that come with it…
Cathy C.
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