WDAZ: Your Home Team

Published February 28, 2010, 07:14 PM

Home Buyer's Tax Credit Ends April 30th

The popular tax credit for first time home buyers will come to an end April 30th. The federal program was extended last November to help the nation's slumping housing market. Now realtors are getting ready for the last minute buyers who want to take advantage of the program.

By: David Schwab, WDAZ

Home for sales signs compete with the high snow banks along Grand Forks streets. But it's predicted they will be getting much more attention as the first time home buyer $8,0000 dollar tax credit ends in two months.

John Colter / GF Board of Realtors: That April 30th deadline, as that starts to get closer people are going to start scrambling again. And I wish they wouldn't. Wish they would just go ahead find, start now if your planning on doing this.

John Colter from the Grand Forks Board of Realtors, says its not too late to start looking, especially since the buyer doesn't have to close on April 30th. They just need a binding purchase agreement with the seller. They would have to close by june 30th.

Sharon Lunski/ Prudential Crary Realtor: We have been busy this winter, I really think this has given out market a boost.

Realtor Sharon Lunski says she has also been seeing people take advantage of the $6,500 dollar tax credit for existing home owners. This is an offer to people who have lived in their home for five years. Lunski says she has seen a lot of baby boomers taking advantage of this.

Lunski: People that are thinking about scaling down to a town home. Which will ope up the market to first time home buyers.

Lunski says the tax incentive has been good for business, and should keep things interesting this spring.

Lunski: I think it's going to be really interesting. Really busy once the snow starts to melt a little and more homes show up on the market.

John Colter: 8-Thousand dollar tax credit has brought in some first time buyers, that maybe thought they could wait, or would wait, This kind of forced their hand.