First-Time Homebuyers Race to Take Advantage of Tax Credit

The clock is ticking for first-time home buyers to take advantage of a nice deal by the federal government. The federal tax credit ends on Friday. The credit puts as much as eight thousand dollars back into the pockets of first-time home buyers. The looming deadline has potential buyers moving fast and it has realtors moving even faster. Gwen Hall, a realtor for Real Estate One in Traverse City tells us she has a couple of clients still hoping to sign the papers by Friday. She says April has been her best month ever and hopes it continues after the credit expires. “There's not a person that is complaining,” she says. “It helps sellers and it helps buyers and when it does that it helps our economy.” When we met up with Hall, the ink was still drying on a deal with Val and James Wells who just moved to the area. “It's wonderful,” Val Wells says. “It will help out with extra expenses, and the cost of everything else and our son is going to school so it will help with school costs and everything like that.” To take advantage of the tax credit, first-time home buyers must sign a purchase agreement by Friday, but still have until June 30th to close on a house. 9&10's Ryan Raiche and Photojournalist Jeremy Erickson have more on the tax credit that's about to end.

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