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First time home buyers in Springfield are taking advantage of a government tax incentive that lasts until the end of the year. KSMU’s Katie Easley talked to a real estate company and a first time home buyer about this tax incentive and has this report.
“First time home buyers have an 8 thousand dollar tax credit that’s available to them.”
That’s Art Maxwell, sales manager for Coldwell Banker and Vanguard Realtors.
“It was made available to them on houses that were bought between January 1st, and are purchased before December 1st. The transfer of title has to happen between those dates to be eligible for the tax credit,” says Vanguard.
Maxwell says with the end of the year approaching time is quickly running out for first time home buyers who do not have a house under contract just yet.
“Right now is pretty much the drop dead date if you’re not out looking for a house at this time your probably not going to make the deadline,” says Vanguard.
Maxwell defines a first time home buyer as anyone who has not owned property or a house in the last three years. After applying for this incentive homeowners can not re-sell their home for three years or they have to give the money back. The incentive also requires a person’s income to be less than 75,000 for singles and less than 150,000 dollars for couples. Buyers who purchase a home from a family member are not eligible for this incentive.
Stacie Copeland is a first time home owner here in Springfield. She has big plans for the money she’ll get back on her taxes.
“Were going to extend the deck out with our 8 thousand dollars and hopefully get a shed and a new washer and dryer and I don’t know what else yet my dad was talking about helping me build a sun room,” says Copeland.
Copeland heard about the incentive and thought it was a good time to look into owning her own home.
“I never thought I could buy a house if you’re renting and you don’t think you couldn’t buy a house just try it because it’s not going to hurt anything and you’re really going to save a lot of money,” says Copeland.
For houses less than 80,000 dollars buyers will receive only 10 percent of the cost of the house. The money from this government incentive will show up when you get your taxes back next year. Some realtors are trying to get this tax incentive extended past the end of the year.
For KSMU News, I’m Katie Easley.
