Homeowners have more time to reap benefits
By Alexis Hunt
Friday, November 13, 2009 at 5:33 p.m.
Read more: Local, State, National, Economy, Politics, Business, Community
QUINCY, ILL. -- Now may be the time for you to purchase a new home. Lawmakers have extended the current stimulus deal for first time home buyers. First time home owners now have until April 30th of 2010 to cash in on the home buyer tax credit.
That means, if you buy your first home before the deadline, you can get up to 10%, or $8,000 of the home's purchase price. That's helped first time home buyer Michelle Clements. She and her fiance recently bought their first home. They applied for the home buyer tax credit, and she says it's a benefit.
"We're going to be able to use that money to help with repairs on the house and to keep ourselves with some money in the bank to help us with overage in payments we have," she says.
Not only does the home buyer tax credit apply to first time homeowners. Congress made changes to help existing homeowners. If you've lived in your existing home for five years, you can qualify for a $6,500 tax credit. Click here to read more about the tax credits available.
"I'm hoping we see home sales go pretty quickly up until April. Disappointed that it didn't go longer, but happy they extended it to the period of time they did. It means the attempt to own your first home will be extended and that will help out a lot," said Congressman Phil Hare.
Gary Broughton is a broker and co-owner of the Broughton Team Century 21. He says the tax credits are helping the local economy.
"A good part of our business has been through the stimulus package. Nationally, stats tell us almost 45% of our business through the last year has been through the economic stimulus program," Broughton said.
Q:Is now the time to buy a home? "We think now is an excellent time to buy a home, if it's right for you. If you're pre-approved with your lender, make sure it makes sense for your family."
It''s important to stick to your budget, look at all your possibilities, ask a lot of questions and importantly, take your time. But don't take too much time. You have only 168 days to take advantage of the program.
Be sure to tune in this Weekend for KHQA's late news at ten. Find out how Quincy's housing market compares to the rest of the country.
