Time is ticking to cash in on home buyer's tax credit

By: Ashley Prchal Email
By: Ashley Prchal Email

GRAND JUNCTION, Colo. (KKCO) - Times ticking to cash in tax credits for buying a home and there are only eighteen days left.

Knick-knacks on the wall, decorations caringly placed throughout the home and work boots in the corner. The Day family has officially moved into their new home.

"We have a twelve year old daughter and our old home was a single bathroom home, and we needed a little more space and a couple more bathrooms," say Shannon Day.

The Day family had been planning on upgrading to a larger home for a while, but the extended tax credit of $6,500 for existing home buyers, really sealed the deal.

"We were actually unaware of it when we decided to purchase a new home. So we were really happy to find that out. It was a pleasant surprise," says Shannon Day.

And the Day family is putting the money to good use.

"We've been able to put in a fence and pay off our camper. So that's been really nice. We got some new furniture. So it was nice to come into our new home with some new things. We were really happy," says Crystal Day.

Andrea Haitz, the Day's Realtor, says extending the home buyer tax credit and including existing homeowners, helped rev up the market.

"You know certainly people taking advantage of the expansion to homeowners that have lived in their house for five years and wanted to sell. We certainly saw a pickup in that part of the tax credit," says Haitz.

In the Grand Valley, from January to March, home sales rose 7% from the same time last year. And in March alone, 128 homes were sold. That's more than both February and January.

Haitz is hoping sales continue on this path, but is worried when the credit ends, sales may too.

"Unfortunately, they didn't extend the tax credit I think long enough to where the buying season really comes into play which is the spring and summer months," says Haitz.

And as the days inch closer to the deadline, there's a rush for others to sign on the dotted line. Like Haitz's other clients.

"We're just waiting, waiting, to try and find her that property, so I'm hoping to get her in before that time," says Haitz.

For the Day's, they say buying a home during this tax credit incentive was the best move they could have possibly made. And they have some advice for those on the fence.

"Just do it! Just look into it. We didn't think it was possible and it turned out really well," says Crystal Day.

To qualify for the tax credit, home buyers have to have a contract on a property by April 30th and have to close the deal by June 30th.


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