By Kelsey McCurry
Posted April 12 2010 9:50 AM
A new government incentive is helping to increase the number of people buying homes after a 3- year downturn in the housing market.
Jessica King has been house hunting with her realtor, who is also her brother, for months. , she thinks she has finally found the one after looking at nearly forty homes in the Columbia area. She says she knows she needs to make a few sacrifices to stay within her price range.
Jessica says now is the perfect time her to buy a house because she can take advantage of the $8,000 tax incentive available to first-time homeowners. Buyers can receive the incentive if they are under contract by April 30 and closed by June 30.
"I have been ready to buy a home for a while, and it just gave me that extra push that I needed to actually motivate me," says Jessica King.
King's brother says people who miss the deadline may not get the tax incentive but they aren't completely out of luck.
"I still think it will be a great time to buy because of interest rates. They aren't going to get any lower; they're just going to go up from here. But they will miss out on $8,000," says Jason King.
Both Jessica and her brother hope this will be the end of their long search for a house.
"It definitely is tedious, but you have to do it you know. And I'm excited about getting a new home," says Jessica.
She signed the offer on the house Friday and if she has her way she will be moving in May 26.
There are qualifications other than being a first-time buyer. The house must be your primary residence and you must repay the money if you sell in it within three years.