KWCH - Kansas News and Weather - Tax Credits Extended for Home Buyers

Tax Credits Extended for Home Buyers

(WICHITA, Kan.)

"About a month ago is when I heard it was going to be a possibility, which was the kind of cool thing because I've been thinking about upgrading for the past year but now it gives me an incentive to upgrade," explains Chris Downing.

The nine-year homeowner says all the pieces are falling into place. He just had about $30,000 worth of repairs made to his home because of hail, and now the government wants to give him thousands of dollars to move somewhere else.

"I've had this house since 2000, when I bought it right out of high school, and I've been kind of looking for some incentive where I could take advantage of something down the road instead of just watching everybody else take advantage."

A bill, waiting for President Obama's signature, will give people who've owned the same home for five years up to $6,500 if they buy a new or existing house and sign a sale agreement by April 30, 2010.

The bill also extends the $8,000 first-time home buyer tax credit through the same time period. Something realtors say is alleviating a lot of stress on those still looking.

"This is a big relief on their minds to be able to have the extended period time. You know, with the tax credit ending on the 30th right through the holidays, this is just a big relief for everybody." explains Realtor John Downing. 

And since Chris says he has a few more things he wants to do to the house before putting it on the market, he plans on using as much of the extension time as he can.

"I'm not the type that likes to be rushed into anything because than it's not what you want. You always want to find what you want."

For more information on the tax credits click here.