Few Days Remain On Homebuyer Tax Credit – WSMV-TV Channel 4 News, Nashville, TN
Web Story Link: http://www.wsmv.com/houseandhome/23270231/detail.html
Reported By Larry Flowers
POSTED: 4:08 pm CDT April 26, 2010
MURFREESBORO, Tenn. — Residents who are in the market to buy a house have only a few days left to take advantage of the $8,000 home tax credit.
Jessica Hogue and her husband Todd will be closing on their new home on Friday. The first-time homebuyers started looking for a home about a month ago when they realized they could get $8,000 of free money just for buying a house.
“We’re right at the deadline. The reason we started looking when we did is to take advantage of the tax credit, and we’re very excited, and we’ll put the money to great use,” said Jessica Hogue.
Michael Osborne of Crye-Leike Realtors in Murfreesboro said residents still have time to capitalize on the credit if they’re considering buying a house. He said the tax credit has been beneficial in starting to turn the housing market around.
There are two types of tax credits that potential homeowners can quality for.
“The ($8,000) tax credit is available to a first-time homebuyer or a buyer who has not owned a home within the past three years — that includes the person or their spouse,” said Osborne
There’s also a $6,500 tax credit for those who are selling then buying another house.
“The $6,500 credit is good for anyone who has currently resided in that house for five consecutive years,” said Osborne.
Even though the tax credit deadline is Friday at midnight, once a home buyer works at a deal on a house, they don’t have to be in a hurry to pack up and move.
“You need to get negotiated and signed off on your deal Friday at midnight. As long as you’re signed off by Friday at midnight, you have until June 30 to actually get the house closed and get you moved in,” said Osborne.
Local Realtors said after the April 30 tax credit deadline, they expect the momentum of buying and selling homes to continue.