With all the hype $800 billion dollars can buy, it looks that the government is passing the newest economic stimulus package. The local High Country real estate market (comprised mostly of Boone, Blowing Rock, and Banner Elk), is not expecting this recent bill to overtly effect the sales of all real estate.
The stimulus package was at first to include a $15,000 tax credit for all home purchases. After short debates, it was thrown out of the bill. For many areas, this change will have some negative effects on the real estate market. But for the High Country, we will see little to no effect from this "last minute" change. Our market is mostly comprised of buyers and sellers who are purchasing or selling a second home.
Also, with the sales reduction we saw through 2008, and the number of "lookers" so far in 2009, this Economic Stimulus package will effect is through other avenues, outside the real estate industry. Many sellers are getting more and more anxious to part ways with their real estate. The largest obstacle the High Country real estate market has to overcome is the current market for financing land sales (which you will hear more about in this blog in the coming days).
Thank you,
Marc White
Marc@CedarFallsRealty.com
Cedar Falls Realty, Boone, NC
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