Studies show nearly four out of ten home sales these days involve first-time buyers. Niki so extending.. and expanding that program.. could mean good things for our local real estate market.
There are 34-hundred homes and condos for sale in the Rockford area. Real estate expert Jon Krause says continuing and expanding the perk could provide a huge boost.
If approved by congress... The 8-thousand dollar credit for first time buyers would continue through April 30Th.
And it would stretch to include current homeowners.. who've been in their homes for at least five years.
They'd be eligible for a 65-hundred dollar credit.
However.. Krause cautions.. the rush to buy could potentially slow sales in the future.
"If there is a rush of people who take advantage of it before it expires and the belief might be this is the last chance at this. some people will move a year ahead of when they were originally planning on moving and it may slow up the market the following year. Offering this incentive would cause a Spring rush and then it might be followed by a little bit of a slow up just because the buyers moved while the opportunity presented itself."
However, Krause does believe our housing market will be able to hold up even after the credit expires.