Deadline Nearing For First-Time Home Buyers

The clock is ticking for first time home-buyers. Sales need to be completed by this Friday in order to take advantage of a tax credit being offered by the federal government.

On the line, 10 percent of the purchase price up to 8 thousand dollars on a new home or resale. First time buyers have to meet certain income standards to qualify for the tax credit.

Since the tax credit was originally implemented in January of 2009, Heath Hilgenberg of Keller Williams Realty says local realtors have had their hands full. “We’re seeing more first time buyers than we have in many many years and the tax incentive is creating certainly more of an urgency for them because they’re working in a certain time frame to get these transactions done.”

Should a home purchase not clear escrow by the April 30th deadline, a first time buyer can still qualify for the tax credit if a binding contract is in place by Friday and the sale is complete by June 30th..