Is the Stimulus Helping The Tacoma Market?

It does seem the $8,000 first-time-home-buyer tax credit, part of the President’s stimulus package, has helped to stimulate the lowest price points of the Tacoma market, but the Developer of the 27th Street Station says they have not seen increased volume as a result. “We are selling homes,” says Dave Gintz, “but we were hoping for a real boost from this and that has yet to materialize.” To help it along, The Gintz Group is announcing a plan to match the Obama stimulus dollar-for-dollar. For contracts originating in April, the developer has agreed to an $8,000 concession package. Inventory starts at $127,990, With the $16,000 in combined savings, that brings the effective price to $111,990 for a completely remodeled unit with quality finishes. I heard today that the Ways and Means Committee pushed through legislation that would allow first time buyers to use their $8,000 credit toward their down payment. This could really improve the results we have seen to date.