If you're in the market for a home and you're a first time buyer, the government has been giving many like you a pretty nice chunk of change. It's an eight thousand dollar tax credit, which a lot of realtors say amounts to a down payment. The government says the credit for first-time buyers was used in over 1.4-million home sales in the past year.
Now there's a move to extend the credit, at least through April. Molly Bridges, president of the Savannah Board of Realtors , thinks it's a good idea. "First time home buyers have really gone forward because of the this tax credit," she tells us. "And I'm not sure they would have gone forward without it. So it's been a tremendous asset to our local economy and the housing industry in general."
In addition to allowing new buyers into the market, supporters nationwide say the credit has helped drive up home prices for the past three months.
The credit is set to expire at the end of November. The Obama Administration is asking Congress to extend it. Bridges says it would be helpful not only to this area, but across the country. "I think some people may be hearing about a possible extension and think it's already passed, but it hasn't," she says. "So it's important for supporters to contact their representatives in Congress."
Nationwide, most buyers who used the tax credit bought homes valued at less than $250,000. The extension currently being considered by Congress may include all buyers allowing even those who have bought homes before to take advantage of the credit. Bridges says including all buyers would be a great benefit to the local economy and the nation. "It would help people trying to move up into a better home, not just those trying to buy their first home," she says.
Some say if the extension passes, it will last at least through April.
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