The Senate's agreement to extend and expand the tax credit for homebuyers comes as a relief to many in the real estate industry.
The plan, which still must be voted on in both houses of Congress, would extend a credit for new homebuyers of up to $8,000 beyond November. It also would provide a $6,500 credit for homebuyers who have owned their current home for at least five years.
Both provisions would require buyers to have a contract by April 30 and close on the home within 60 days.
The move was pushed hard by the real estate industry. Its intent is to slow the decline in home prices by stimulating demand.
The move was hailed locally by some as a lifesaver for the real estate industry.
"The market has proven in the last six months that the primary driver is the first-time homebuyer," said John McKenzie, president of Coldwell Banker Plaza Real Estate in Wichita.
Read the complete story at kansas.com
The plan, which still must be voted on in both houses of Congress, would extend a credit for new homebuyers of up to $8,000 beyond November. It also would provide a $6,500 credit for homebuyers who have owned their current home for at least five years.
Both provisions would require buyers to have a contract by April 30 and close on the home within 60 days.
The move was pushed hard by the real estate industry. Its intent is to slow the decline in home prices by stimulating demand.
The move was hailed locally by some as a lifesaver for the real estate industry.
"The market has proven in the last six months that the primary driver is the first-time homebuyer," said John McKenzie, president of Coldwell Banker Plaza Real Estate in Wichita.
Read more: http://www.kansas.com/business/story/1033655.html#ixzz0VS27MxR9