Stimulus Bill Pays $8,000 to First Time Home BuyersPosted: Updated:
Chris Bailey is one of many homeowners who for months, has held open houses every weekend, in hopes to sell his home.
"We had a lot of people looking just nobody is wanting to buy yet," said Bailey.
With the current economy, more and more homes have gone on the market. For homeowners like Chris, this means more competition and more work.
"Sometimes we laugh, sometimes we get frustrated and wonder what we're doing wrong," said Bailey.
But there is good news. The President's proposed stimulus plan includes an initiative for first time homebuyers. It gives them an $8,000 credit when they buy a home before December first, in hopes to get more people investing. Realtors are optimistic this could work.
"We expect that to drive more people into the market place which will create some of that buying and selling activity," said Chris Pauling from Prudential Almon Realty.
So now homeowners like Chris Bailey have something to look forward to. And after a year of trying to sell his home, Chris says this comes as a relief.
"We can only keep trying, but it seems like things are getting better. So we're hopeful, every weekend we're hopeful," said Bailey.The home-buying initiative will be effective once the President signs the bill.