Homebuyers Rush To Take Advantage Of Tax Credit – News 2 WKRN-TV Nashville

Posted: Mar 31, 2010 2:55 PM CDT

 

NASHVILLE, Tenn. – Potential homebuyers only have one month left to take advantage of a big tax credit aimed at stimulating the housing market

 

First time homebuyers can receive a credit of up to $8,000 and repeat buyers can get up to $6,500.

 

Buyers have to ink sales contracts by the end of April and close before the first of July to see the refund.

 

Lisa Byrd, a realtor at Crye-Leike, told News 2 she is noticing a big difference in the local housing market, which means good things for buyers and sellers.

 

“The phones are ringing, so as a real estate agent, most of us are really busy right now.  That is a great indicator of what’s to come,” she said.

 

It’s not only the credit that’s pushing buyers to purchase homes.  With lower interest rates and lower home prices, now is the time to find the best deals around, according to Byrd.

 

For example, a foreclosure in the Richland historic area near West End Avenue would normally be priced around $850,000.  It’s now on the market for half that.

 

“This home has been completely added on.  It was originally the 1,200 square foot bungalow but they have added over 4,000 square feet and all the modern amenities one would expect in a new construction home,” Byrd said.

 

The property has generated multiple offers and a lot of interest.

 

While the looming deadline has people rushing to buy, Byrd hopes the excitement lasts past the April deadline.

 

Read more about the homebuyer tax credit at Crye-Leike.com.