$8K attracts first time homebuyers – WKRN Nashville News 2

$8K attracts first time homebuyers – WKRN Nashville News 2
Tax credit puts home sales on the rise - WKRN News 2 in Nashville

Posted: Jul 30, 2009 9:34 PM CDT


SMYRNA, Tenn. – The housing market’s lower prices coupled with an $8,000 tax credit are prompting some younger Middle Tennessee to consider buying their first home.


For the third straight month, sales of new single family homes have risen.  In June, sales jumped 11%.


“The phone calls are coming in, people are asking about the tax credit,” Crye-Leike realtor Heather Karl told News 2.  “They want to be informed.”


Through November, first time homebuyers qualify for the $8,000 tax credit and so do those who have not owned a home in three years.


Some say the deal is simply too good to resist.


“If they need to buy their furniture, buy their appliances, they can pay off debts, anything to be able to get into the home and have money back,” said Michele Ballard, a loan officer with Magna Bank.


Realtors say a safe neighborhood and a $100,000 to $150,000 price range for those first time homebuyers are selling points for Mid-State residents looking for a starter home.


To receive the federal tax credit, buyers must close on the home before December 1.


With only a few months left, Crye-Leike Realtors in Smyrna is reaching out to “on-the-fence” buyers to let them know about it.


They hosted an educational workshop Thursday night to guide potential homeowners through the process.


Click here for complete details on the tax credit.