Local realtors look for boost in housing market from tax credit extension.
Read more: Local, Economy, Business, Community, Consumer, Homebuyer Tax Credit, Select Realty, First Time Homebuyer Sales
MARQUETTE COUNTY -- Earlier this month, President Obama signed a law that extends the popular tax credit of up to $8,000 for some first-time home buyers to April 30, 2010, which was due to expire at the end of November.
According to the Internal Revenue Service, an estimated 1.4 million Americans have already used the homebuyer tax credit, and it has impacted the housing market in Upper Michigan in a positive way.
Stephanie Jones of Select Realty says that even though home sales in Marquette County are down about three percent, first-time homebuyer sales are up by five percent, but the extension isn't just good news for buyers.
"I think if you have a home that is in the entry market, it is a good time to get your house on the market," said realtor Stephanie Jones. "If you wait until the spring, you may of waited too long and miss a chunk of buyers. The buyers that are out there now are serious and completely looking to purchase a home now."
The law also adds a new tax credit of up to $6,500 for certain repeat home buyers.
