Brought to you by WBIW News and Network Indiana
Last updated on Thursday, November 19, 2009
(UNDATED) - Several Indiana real estate companies are reporting a home sales surge they attribute to first-time home buyers trying to close on their residence prior to the original tax credit deadline.
Reports from multiple local realty businesses indicate about a 20% increase in homes sold in October from the same month last year.
Sales are also reportedly expected to eventually get another boost from the extension of the federal first-time home buyer's tax credit through April of 2010.
First-time home buyers with adjusted cross incomes up to $125,000 for singles or $225,000 for married couples can get up to $8,000 with the tax credit.
Current homeowners can also qualify for a credit of $6,500 if they've lived in their primary residence for five years concurrent years out of the past eight and meet the same income thresholds as first-time buyers.
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