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First-Time Homebuyers Move In On Tax Credits

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Nov 5, 2009 9:14 pm US/Mountain

First-Time Homebuyers Move In On Tax Credits

Reporting
Terry Jessup
DENVER (CBS4) ― Realtors believe legislation that extends the first-time homebuyers tax credit will bring buyers back into the dormant housing market in the metro area.

"It's a fantastic incentive, I mean, you've got a perfect scenario, you've got record low interest rates, you've got the cash incentive," said Trey Curry, Keller Williams Realty. "I've got first-time homebuyers right now who are anticipating that tax break, but we may or may not close their transaction by the end of the month."

That is when the $8,000 tax credit, enacted in January for first-time homebuyers, was scheduled to expire. The credit has been extended to buyers who sign a purchase agreement by April 30, 2010 and close by June 30, 2010.

In addition, a $6,500 tax credit has been extended to a whole new group of homebuyers. "If you've been in a home for the last five years and owned it as your primary residence, then you're entitled to a $6,500 tax credit if you should move into a different home," said Mitch Friedman, Premier Mortgage Group.

The new legislation gives people who have been on the fence some breathing room to make a better decision with the November deadline extended. It is particularly helpful in Denver. Despite what you hear about it being a buyer's market, there is a serioius shortage of lower-end properties listed at the $200,000 price point and lower.

"So now what we're finding is multiple offers are being put out there for individual properties, thus driving up the market because of the supply and demand equation," said Friedman.

"Inventory is low, so you're not gonna get that great deal that you read in the national media, I guess... real estate is really a local, specific thing," said Curry.


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