Home-buyers credit expansion boosts lakeshore realtors GRAND HAVEN, Mich. (WZZM) - The White House says 1.4 million families are now home owners thanks in part to an $8,000 tax credit for first-time home buyers. The program was set to expire at the end of the month, but today President Obama extended the tax credit into next year and expanded it to include current home owners. According to area realtors, it's exactly what they need to keep closing deals. "The last several months, there has been steady improved activity in terms of sales made," said Dale Zahn, the CEO of the West Michigan Lakeshore Association of Realtors. "Prices are still somewhat stagnate. People have said it is a great time to buy and that is absolutely true. It has been an absolute deal closer. If not for it they would not have the transactions that they had this year." Zahn has every reason to believe the real estate market on the Lakeshore will end the year in an upswing. And with the first time home buyer tax credit being extended and expanded, he expects 2010 will start off strong as well. The West Michigan Lakeshore Association of Realtors represents nearly 1,000 realtors. The $8,000 tax credit for first-time buyers will now expire June 30, 2010 and the credit will now reward those who already own homes with $6,500 to sell their current home and buy another. "It has my wife and I talking...maybe it is time to unload and buy another one," admits Zahn. Existing homeowners need to have lived in their homes for at least five of the last eight years to qualify. Both tax credits have Zahn's members excited about the pool of possible home buyers expanding. The association says the number of homes for sale along the Lakeshore has decreased during the last three months.
11/6/2009 7:15:31 PM