Many Taking Advantage of Homebuyer Tax Credit

By Jacqueline Sit, NEWS 9

MOORE, Oklahoma -- Many homeowners are taking advantage of the $8,000 homebuyer tax credit in the metro.

The Oklahoma Realtors Association said home sales were up nearly 20 percent last year.

March has always been the best month for the housing market and a surge in sales is expected in the next month as the deadline for the homebuyer tax credit gets closer.

"With the way the economy is now, any incentives or tax credit is really nothing but a boost for you," said new home owner Nate Sparks.

The $8,000 tax credit was a boost Sparks said he needed to get in a new home almost one year ago.

"It was good that I received some money that doesn't come out of my regular budget and I was able to apply to the area that was needed," Sparks said.

Sparks isn't the only one taking advantage of the tax credit.

Home Creations of Moore saw a spike in sales in the last year. They say 2009 was the best year with 548 homes sold compared to 389 in 2008. A Home Creations spokesperson said the Oklahoma housing market has been tough but they're feeling blessed the market is in much better shape compared to Nevada and California.

"We're in the middle of the country. We don't have the ocean views, the high price real estate, but that just means that more people have the opportunity to invest in real estate because it's so much more affordable here," said Jan Astani, Home Creations Director of Marketing.

In addition to the $8,000 incentive for first time buyers, a $6,500 tax credit has been extended to this year for repeat homeowners who have lived in their home for five consecutive years.

"I encourage anyone who has the opportunity to take advantage of the tax credit to go for it. It's there for the taking. It's worked out great for me and I hope it works out for anyone else," Sparks said.

Property values have gone up about 3 to 5 percent a year.

According to the National Association of Home Builders Web site:

"The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify."

Learn more about the housing tax incentives and how you can take advantage.