By: Sara Sindelar
The National Association of Realtor’s predicts that home sales are going to increase by 15% due to the new tax credit for home buyers. This tax credit allows first time home buyers a credit up to $8,000 and those who own already up to $6,500 when they buy a new house. Though there are qualifications like income level and time limit to qualify for this credit. First time buyers are the prime market since they are making a large percentage of purchases. They are taking advantage of all the savings they can make between low prices, low mortgage rates and now a tax credit. Realtors are over excited about the increase that is predicted now that the credit is taking place. Sources believe that people have been waiting to buy until the house prices are at the lowest. This tax credit will get those looking to buy to buy and boost sales.
Even with these hard economic times people need to take advantage of it if you can. Buying a home for the first time is a perfect example. Increasing home sales will help stimulate the economy, unemployment may still remain an issue but we need to start somewhere. This is a time to take advantage if you financially can do so. There are so many opportunities to save and this tax credit is a prime example.