Proposed Legislation Could Almost Double First Time Home Buyer Credit

By: Aaron Luna Email
By: Aaron Luna Email

Right now first time home buyers are eligible for an eight thousand dollar tax credit, but if proposed legislation making its way through Washington is passed that number could almost double.

Rick Thurtle with Century 21 Homestead Realty, says, "$15,000 credit is nice that's a big chunk for a lot of people." Currently there are three proposals in Washington sitting on the chopping block. Each one designed to entice buyers back into the housing market. Thurtle says, "And if they get big chunks of it and or all of it you're going to see a large move in the real estate market."

Probably the most significant change in the proposed legislation would give the tax credit to anyone, not just first time home buyers. Jon Lindman with Housing Resources of Western Colorado says, "One big driver for the housing industry is we need people who are moving up."
Lindman says tax credit or not, first time home buyers in Mesa County are on the move. "First time home buyers have been diminishing and all of the sudden we have been seeing an increase," says Lindman.

Lindman says legislation could move forward quickly if the housing market continues to slow down, if the market stays steady legislation could be postponed.

Thurtle says waiting on the proposed legislation to buy a home could be risky. "I would still keep my eye on it for right now and definitely if you are a first time home buyer jump on this $8,000 while its there."

Unless extended by Congress the current tax credit would expire at the end of this year.

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