Expiring Tax Credit Has Buyers Rushing to Sign Dotted Line
RISMEDIA, April 19, 2010—(MCT)—Latasha Hall never envisioned herself a homeowner. But by the end of the month, she will be. Just in time.
With the soon-to-expire tax credit for first-time buyers as an assist, the single mother plans to close on a $166,650 three-bedroom house in Clifton Heights, Pa. “If it hadn’t been for the credit, I wouldn’t have done it,” Hall said.
To be eligible for the federal tax credits—up to $8,000 for qualified first-timers and up to $6,500 for certain repeat buyers—houses must be under contract by April 30, with settlement by June 30, 2010.
With those deadlines in sight, some real estate agents say they are relishing their first busy days in months.
For some buyers, a tax credit is an added perk in an already-friendly market with good inventory and low mortgage rates.