Show-me-State shows the money
Thu, 02 Apr 2009 22:22:28 GMT — Palmyra, MO-- Jason Lewkowicz and his wife Wendy are closing the deal on their new home in Hannibal as first-time home buyers.
"We just moved to the area in August and didn't have a chance to buy. When we found out about the stimulus package, it made us want to do it even faster," said Jason Lewkowicz.
It seems President Barack Obama's tax credit offered in his stimulus package has pushed many first-time home buyers to buy a home. John Ravenscraft is the President of the Mark Twain Association Realtors. That group represents several counties in Northeast Missouri. Ravenscraft told KHQA there's a reason for the increase.
John Ravenscraft says," Lower interest rates are helping first-time home buyers, and it's the competitive home prices out there right now."
Ravenscraft also told us more Quincy residents are crossing the river contributing to the housing boom, most likely because of lower taxes. He says with more families looking for homes, it's put the Northeast Missouri area in a unique situation.
"We're needing homes to be put on the market for sale. There's a mindset out there that maybe I shouldn't put my house for sale right now, when actually this is one of the best times ever," Ravenscraft said.
The first time homebuyer tax credit gives homeowners an $8,000 credit for a home purchased at $80,000 or more...and it doesn't have to be paid back.
If a house costs less than $80,000, you'll get 10% of that cost back. This deal won't last forever. The incentive ends on December 1st 2009.