Local realtors are hoping the extension and expansion of the home buyers tax credit to include virtually all buyers will help get people buying again.
"I think its always a worry but we just decided to go for it and hope for the best." Matt and Lynn Graczyk have been looking for a bigger home for their family of four over the last two years but more square footage was just a casual thought until last month.
That's when the home buyers tax credit was expanded to include 6500 dollars for existing home buyers -- just the push the couple needed to move up their purchase plans. "You have the tax credit the type of house we were looking for and a good price on the house and it just pushed it a little further."
Low interest rates and declining home prices were also an incentive to trade up. The Graczyk's say the break helped them get a home that they otherwise would not have been able to afford. "You're selling this house for less because the home prices are not as high but you're buying the next home for not as much. So when you factor all of that together it just seems like the right time."
Even though Matt and Lynn still haven't sold their home yet, they are confident the first time tax credit will help someone else move in so they can move on. "It will do something for someone else also trying to make the move allowing us to more comfortably make our move. "
Local realtors hope the tax credit spurs more buyers to jump in and help turn the tide on the recession, especially since the move-up market has continued to suffer.
This credit is available for any home buyer who signs a binding contract on a new or existing home by April 30, 2010. You must also have lived in your current home for at least five years.