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Sep 19, 2009 7:10 pm US/Central
1st-Time Homebuyers Busy Before Tax Credit Expires
ST. PAUL (WCCO) ―
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Breining said his clientele has increased 20 to 30 percent over the past couple months, and business really boomed after Labor Day. The credit, coupled with low home prices and interest rates, means business looks good now.
CBS
Kelly Carl lives in Wisconsin but works in St. Paul. Because of the drive to work each day she has wanted to buy a home in the Twin Cities for a while. A potential $8,000 tax credit was just the motivation she needed to get the ball rolling.
"I think it's a great opportunity for first-time homebuyers to make the leap into homeownership and I'm looking to take advantage of that," said Carl.
Customers like Carl have kept Dennis Breining of Coldwell Banker Burnet very busy lately. The reason is because the tax credit expires Dec. 1. It can take weeks to search for a new home and 30 to 45 days to close on the new purchase. That leaves little time between now and when the credit runs out.
"It's an unusual situation in this market, but I have a lot of people when you say, 'What are you looking for?' and they say, 'I'm looking to be in before the end of November. I want the tax credit,'" said Breining.
As a result, Breining said his clientele has increased 20 to 30 percent over the past couple months, and business really boomed after Labor Day. The credit, coupled with low home prices and interest rates, means business looks good now. What happens after the tax credit runs out is anyone's guess.
"Myself frankly, I think we really still need it. I don't think the market's really, truly ready to support itself," said Breining.
The first-time homebuyer tax credit ends Dec. 1, but Breining and other realtors are hoping Congress approves it next year too.
So far in 2009, more than 1.2 million people have accessed the tax credit.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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