First Time Home Buyer Tax Credit Extension
A bill on the house floor is looking to extend the first time home buyer tax credit, and open the tax credit to current home owners.
Jay Butler of Butler Realty says the current first time home buyer tax credit will most likely stay in effect until April 30th, and if House Bill 3756 passes, a tax credit for current home owners will become available.
"How it works is a person who has owned a house for at least 5 years can purchase a new home and they can get up to, but not exceending $6,500 tax credit from the federal government," says Butler.
Butler says the bill will be voted on next week and is part of an unemployment compensation bill. He says the housing market is looking up.
"Existing sales are somewhat up, but the prices are 18 to 20 percent lower than what they were two years ago," tells Butler.
Butler says with the current low prices, it is a great time to buy a house.
Katie Jeffries
