Posted at: 10/30/2009 4:51 PM | KSAX.com
By: Megan Matthews
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Tax Credit Extension: Good News for First Time and Repeat Home Buyers

Alexandria, Minn. - Realtor Kevin Mahoney says the tax credit has definitely increased home sales, and helped the realty business.  Realty is coming up on their slow season, so he hopes the house passes the extension.

"The market has been soft.  Across the nation it's been soft," Kevin Mahoney said.

Home sales fell nearly four percent in September, and in just one block, here in Alexandria, there are five homes for sale.

"We probably have more houses on the market than we did in the past, well I should say we do.  But we don't have tons of them for sale," Mahoney explained.

Mahoney just finished selling houses as a part of the last push before the tax credit ends at the end of November.

"That credit does help.  I'm very happy that the senate passed it, and the house is looking at extending the credit," Mahoney said.

If that happens, first time home buyers who close on their new home by the end of June can still get their $8,000 check.  There's something in it for repeat home buyers too.

"Right now, the way it's being proposed, it's not only for first time home buyers...that's neat," Mahoney said.

Repeat home buyers can get up to $6,500 dollars back on their home purchase if they've lived in their current home for five years.  Something that mahoney says those home buyers have been waiting for.

"I think they're sitting perched, ready to more.  We've been stalled in are market for two years are in the wait and see," Mahoney said.

He thinks this tax credit is the way to get them to buy.

"This might be the ticket to nudge them over and get them going," Mahoney said.

It takes about six weeks to close on a house once you decide to buy it, so it's important to think ahead in terms of this tax credit deadline.  It hasn't been passed by the house yet, but the house passed a similar bill extending unemployment benefits just last month.  Some house leaders have also said they support the extension.

Written for the web Megan Matthews

megan@ksax.com