Real estate tax credits set to expire - WALB.com, Albany News, Weather, Sports

Real estate tax credits set to expire

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By Jennifer Emert - bio | email

ALBANY, GA (WALB) –  The popular home buyer tax credit expires at the end of the month.

Real estate agents in Albany are making a last push to get potential buyers off the fence and in a new home. The Albany Board of Realtors are joining a national effort this weekend. You may see a lot of these little blue balloons tied to for sale signs this weekend. At those locations realtors will hold open houses, making it easier for those in the market for a new home to see what's available.

In Albany, Dougherty and Lee Counties there are more than 800 homes on the market. If you want to qualify for a home buyer tax credit, you must sign a contract by April 30th. Agents are pretty certain the program won't be extended again, but say there will be other incentives.

"The government has some other programs they're coming out with some finance packages that are right around the corner that the national association of realtors is working real close with HUD and Fannie Mae and Freddie Mack to come up with some new programs on financing that will give some good incentives also," said Gary Eller, Albany Board of Realtors Public Information Director.

While a contract must be in place by April 30th to get the tax credit. The buyer then has until June 30th to complete the closing and still qualify.

It's worth $6,500 for current homeowners and $8,000 for first-time buyers. Real estate agents say the program has made a big difference in sales, although they haven't kept records on how many took advantage of the tax credit here in Dougherty and Lee Counties. Fifty homes will be a part of this weekend's open house. To see the homes in advance, you can log onto the web site at www.albanygamls.com


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