Our Buyers and the Economic Stimulus

In the recent news of the $798B economic stimulus package was agreed on by the House and Senate here in Washington, DC, which leaves our first-time home buyers with an option, buy now for low prices, and get the incentive--later?

Instead of the heard of $15,000 tax credit for all buyers, law makers agreed on adding $500 to the original plan of a $7,500 repayable tax credit for first-time home buyers who bought a home by June 30, 2009. A credit to first-time home buyers of $8,000 was implemented into the stimulus--no repayment plan, and now individuals have until the end of August 2009 to buy their first home and claim their tax credit. How do we show the impact of this credit on the first time home buyers that we represent?

In much smaller markets where prices are low, $8,000 is probably close to 8 mortage payments. However, here in Arlington where prices are considerably high per square footage, especially in the condo market where many young, first-time home buyers are looking--$8,000 is probably only 2-4 mortgage payments. Where is the incentive? In a society of instant gratification, I'm sure people would rather have the $8,000 up front.

If anyone has any advice on showing the long term benefits of this hopeful, non-repayable $8,000 credit to our first-time home buyers, ideas are always welcome.

Please read the full story about the economic stimulus package here: http://www.nytimes.com/2009/02/13/us/politics/13stimulus-web.html?_r=1&hp=&pagewanted=print