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Tax credit boosts homebuying
Tax day may fall on April 15, but homebuyers have a little extra time to get cash back from Uncle Sam. The federal government's homebuyer tax credit has provided a boost to home sales in recent months, and house hunters still have a few weeks left to take advantage of it. The credit is worth up to $8,000, but buyers must enter a binding contract before May 1 - and close on the purchase before July 1 - in order to qualify. Michael Pappas, a Coldwell Banker Wallace and Wallace agent who is president of the Knoxville Area Association of Realtors, said the local market hit a dead spot in November and December, because of the holidays. "And then the weather kind of killed us in January and February," he said, "but we're certainly seeing … much, much greater activity (now)." The tax credit may have something to do with that. The incentive is worth 10 percent of the home's purchase price, up to $8,000 for buyers who haven't owned a home in the prior three years, although some income limits apply. While originally aimed at new homebuyers, the incentive was expanded last year to include certain people who are already homeowners but who are buying a replacement home. Those buyers are eligible for a credit worth up to $6,500. The tax credit was aimed at jump-starting a moribund residential housing market, which was a major contributor to the global economic downturn. In Knoxville, at least, residential activity seems to be picking up, despite the squirrely winter weather. According to data from KAAR, the region's home and condo sales were up 6.8 percent in February, compared with February 2009, while sales rose by 18 percent in January. Steve Fogarty, president of Realty Executives Associates, said people are aware of the tax credit deadline, and it's sparking activity. "There's a real sense of urgency in meeting this deadline," he said. Business writer Josh Flory may be reached at 865-342-6994. http://www.knoxnews.com/news/2010/mar/26/tax-credit-boosts-homebuying/ |
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