First-Time Home Buyers Under Deadline
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| Marie Arceo |
| 9/24/2009 |
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| The deadline for first time home buyers to get a tax credit of up to $8000 is approaching. Agents say in order to take advantage of the tax credit before the deadline, home buyers need to act fast. The November 30th deadline has first time home buyers scrambling to finish up the last of their paper work. Statewide, about 1400 home loan requests have been turned in, one thousand of those were requested in the last 5 months. "With the first-time home buyers tax credit of up to $8000 and interest rates hovering where they are at still reasonable prices on properties for sale, it`s an optimum time to buy," said Nancy Deichert, of the Bismarck-Mandan Board of Realtors. "A lot of people coming in getting their first house and I think that`s attributed to the $8000 tax credit," said JamieSchmidt of Trademark Realty in Bismarck. The first-time home buyer tax credit gives qualifying home owners or people who have not owned a home in three years a tax credit of to 10% of the home`s purchase price, up to $8000. To qualify, a home must be purchased before December 1st. It`s why some agents say home loans in Burleigh and Morton county are already up from last year. So far, 334 first-time home buyer loans have been processed in the two counties through the North Dakota Housing Finance Agency. That number is already up by 75 from 2008. Agents say there`s still time to take advantage of the tax credit, but given the time it takes to close a deal, buyers need to act fast. "Get pre-approval with the banks, get yourself an agent, get out there but if you wait much longer, you`re not going to be able to get in on that credit," said Jamie. It`s also one incentive agents say can spur more long-term benefits for other industries. " There is a rollover affects of this. People who buy new homes are then out doing other business, either to make some improvements to those homes. They`re out buying new furniture or replacing carpets or painting. The program has exceeded expectations which is even better, again proof that the demand is there," said Nancy. But only time will tell if more people can save money and meet their big purchase deadline. |
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