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Home sellers hope $8,000 tax credit will motivate some buyers

Mike Bradley of Metro Brokers Eagleview Properties says uncertainty about the economy is keeping some people from buying a home. 2009 housing bill details down payment

Home sellers hope Obama tax credit will light a fire under buyers

Denver Business Journal - by Paula Moore

Denver-area residential real estate pros haven't seen a big jump in home purchases yet because of the new federal first-time homebuyer tax credit, but they hope to.

One reason for that optimism is that the Obama administration's tax credit passed in 2009, which amounts to as much as $8,000, doesn't require homebuyers to repay the money.

Former President George W. Bush's $7,500 homebuyer tax credit in 2008 was basically a loan that had to be repaid.

"If that's not a good enough incentive to buy a home, I don't know what is," Kathi Williams, director of the Colorado Division of Housing, said of the new tax credit. <read more>

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Posted on March 10, 2009 12:50:11 by Blog Author