Finance: First-Time Home Buyer Tax Credit Will Encourage Boomers to Sell
 Home buying incentives coupled with the First-Time Home Buyer Tax credit will create a surge of prospective home buyers boosting sales in the 50+ Market.
"The First -Time Home Buyer Tax Credit will increase the number of prospective buyers , giving seniors a greater chance to sell their current home," said, Chuck Covell, ActiveAdult builder, and president of Covell Communities. "Senior housing is often tied to the resale. Stimulating sales of existing homes will ultimately affect the liquidity in the mature market."
Richard Dugas, president and CEO of Pulte Homes, said the $7,500 tax credit will provide a major boost to slow markets around the country, but noted that it is imperative for builders to get the word out about its availability.
Last year, the active adult business accounted for about 50% of Pulte’s closing volume, and Dugas said the home buyer tax credit will provide a big boost for this market segment.
NAHB tax economist, Rob Dietz, encourages those interested and wondering if they qualify to consult NAHB’s new Web site, www.federalhousingtaxcredit.com. The Web site, which attracted more than 50,000 unique visitors during its first four days, contains consumer information about the tax credit, including eligibility requirements.
View the full story in NBN. |
