Tax Credit EndingIf you're looking to buy a home and take advantage of thousands of dollars in tax credits, you have one week.
If you're looking to buy a home and take advantage of thousands of dollars in tax credits, you have one week. The federal program to help the nation's slumping housing market ends April 30th.
Area realtors, like Rhonda Vanatta with Prudential Crary Real Estate, have been very busy the last few weeks as people hurry to take advantage of home buyer tax credits.
Vanatta says, "This past month has been extremely busy. People are scrambling to find their home of their dreams, and 8,000 is definitely a driving factor."
To get the $8,000 tax credit, first time home buyers must have a binding sales contract signed by April 30th. Existing homeowners can get a $6500 credit towards a new home if the sale is pending by next Friday.
John Colter with the Grand Forks Board of Realtors says, "I've noticed a lot of pendings. A matter of fact, we have 204 pendings on the market right now."
Colter says you still have time left to cash in on the credit, but you'll have to hurry.
"If you're looking, now is the time, but you only have until the end of the next week to get the contract signed and get done, so find your realtor and get working,” says Colter.
Area realtors predict that when the tax credit is over, they'll see a slight drop in business, but it won't last long.
Vanatta says, "I think the people who were wanting in on that tax credit won't settle any longer. They're going to take their time to continue looking."
Colter also says home sales in Grand Forks will probably slow down for a short time, but summer is traditionally the busy time of year.