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Reported by John Matarese
KANSAS CITY, Mo. - The economy may be bad right now, but the deals are great if you have the money. And financial experts say this recession won't last forever. So with the help of Forbes magazine, we wanted to show you 10 things to buy right now before the economy improves. BJ Foreman is a jewelry store owner, onetime newspaper consumer columnist, and an expert bargain shopper. Foreman can't believe the deal she got on a pair of name brand travel bags that she found at just $15 each at TJ Maxx. But Forbes Magazine says deals like that are the norm now as retailers struggle to unload unsold products. They list 10 specific items you should consider buying.
Hot Deals Right Now
The first three are obvious: A new car, a new home and a vacation. Car dealers are willing to make and take all kinds of offers, plus offer incentives and rebates to earn your business. Add to that the tax incentives offered taxpayers through the new American Recovery and Reinvestment Act including federal income deductions for all state and local excise taxes paid on the purchase of new cars and light trucks up to a purchase price of $49,500. The window to buy to receive the tax incentives is from Feb. 17, 2009 through Dec. 31, 2009. The deduction is for incomes exceeding $125,000 single and $250,000 for joint returns. It’s a buyer’s market in home sales. The government is also trying to help stimulate that part of the economy with a similar tax incentive program for first time homebuyers. The refundable credit, equal to 10 percent of the purchase price of a principal residence for qualified first-time homebuyers, has been extended to purchases made before Dec. 1, 2009, and the maximum credit has been expanded from $7,500 to $8,000. More importantly, taxpayers no longer need to repay this credit unless the home is sold within three years of purchase. Hotel and resorts are willing to deal heavily during this tough economic time. A simple Internet search or phone call to a travel agent will fill you in on the deals which some in the business call “steals”. The travel industry has been hit hard twice. The first blow was the economy and second has been the swine flu.
More Hot Deals for Women Mostly
The next three should thrill women who love to shop: clothing, handbags and shoes. Our shopper Forman said, “Discount stores are overflowing right now, with products designer boutiques have been unable to sell.” She advises to really shop around. “Product is going to all the discounters like TJ Maxx, Stein Mart, Marshalls, and Overstock.com. And if it’s a known quantity, it’s a great deal," added Forman.
Foreman’s Shopping Area of True Expertise
Jewelry is the next great discount. Remember, Foreman owns a jewelry store and like every other jeweler, is trying to clear out rings, bracelets, and necklaces that didn't sell over the December holidays or Valentine’s Day. Foreman said it’s no real insider tip. It’s just the way it is. "The average consumer who walks into a jewelry store where they are trying to get rid of in store inventory will get a good deal." While Foreman won’t say how good her sales prices might be, Overstock.com is advertising deep discounts up to 70 percent off.
Forbes Next Final Must Buys
Stores are also trying to clear out furniture and electronics. Michelle Ahler, who represents retailers, said the reason is fewer people are buying homes. “The housing market has softened, so has the pricing of furniture, and that’s why you're seeing these great prices available," Ahler said. The down housing market also means great deals on flat screen TVs and computers. But both Ahler and Foreman caution, “When the economy improves, the super deals will be gone.” "Those are opportunities that you're not going to have forever," Ahler said. One last shopping tip comes from Foreman who said to get these super deals, you need to buy in-stock inventory. If you try to custom order, you'll still pay top dollar, due to high labor costs and high costs of materials, like gold.
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