Tuesday, April 14, 2009

Finally, Good News for Home Sales

/PRNewswire/ -- First time home buyers can now take advantage of the American Recovery and Reinvestment Act of 2009 Tax Credit without waiting. A tax credit of up to $8000 is available for first time homebuyers. The problem for most first time home buyers is the down payment. The Tax Credit is only available to purchasers that have already closed on their home.

An Alpharetta firm, Metro Buyers Group, LLC has solved the problem. They will purchase the tax credit prior to closing, thus allowing a purchaser to have the funds for their down payment at closing. The tax credit is a great idea. This program will allow more potential home purchasers to take advantage of the tax credit. The program is available through several mortgage lenders throughout the southeast. "This is a legitimate monetizing program that actually works" says David Abrahamson Vice President of S.E. Operations for American Home Key Mortgage Company. There may be no better time than now to buy a home. With home inventories at record high levels potential home purchasers have a great selection from which to choose. In order to take advantage of the Tax Credit a purchaser must close on their home by November 30th, 2009. "The Tax Credit is working and helping sellers attract more home buyers," says Buck Denton, Area Manager and Asst. V.P. for Colonial Bank.

As part of the stimulus package approved by Congress, one of the goals of the tax credit is to jump start home sales. The Metro Buyers Group Tax Credit Purchaser program was created to encourage hesitant home purchasers to get off the fence and purchase. Doug Cotter, past president of the Greater Atlanta Home Builders Assoc. says, "This program will have an immediate positive impact for builders." The program will help reduce the enormous housing inventory by bringing many new purchasers into the market. Chad Lane with Re/Max Greater Atlanta, The Mark Spain Team, says, "I have seen the program 'take off' for both New Construction Homes as well as the Re-sale market. We are anticipating a record number of closings for 2009." With the reduction in existing inventories, builders will be able to start new homes which will have a stimulating and stabilizing effect on the economy.

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