In yet another effort to get the national housing market chugging, elected officials in Washington, D.C., have proposed a tax credit of 10 percent of the value of new or existing residences ($15,000 limit) for homebuyers.

The money-saving measure is attached to the much-ballyhooed Barack Obama-inspired $800+ billion economic stimulus package. And earlier this week the Senate approved the Republican-led initiative.

What does this mean for you right now?

Not much. That’s because the $15,000 tax credit (as of this writing) has not been signed into law. It still needs to get the stamp of approval from both houses, as well as receive the formal signature from President Obama, before you can take advantage.

What does this mean for you (hopefully) in the near future?

Cash in your pocket! Under the plan, you could enjoy a tax credit of up to $15,000. And that goes for anyone who buys a house a house this year — it’s not limited to just first-time homebuyers or new homes.

There is currently a law on the books that provides for a $7,500 tax break for the purchase of new homes only. That money, however, needs to eventually be repaid over time.

Not this one.

So just because the $15,000 tax credit is still awaiting final approval, it doesn’t mean that you can’t check out the great deals currently available in your back yard. Start your real estate search NOW and get a leg up on all the buyers who will likely flood the market TOMORROW.

We’ll be sure to pass along updates as the happen. In the meantime, take advantage of our FREE 7-Day Trial and tally up the amazing savings while they last!