Despite the doors it can open for first-time buyers, many consumers still don’t know about the $8,000 tax credit.
The first-time home buyer tax credit, which Congress in February increased to $8,000 from $7,500 and eliminated the repayment requirement, is an incentive you’d expect consumers to be clamoring about. But many practitioners are astounded to learn that buyers in their markets who are prime candidates for the credit aren’t even aware of it.
Ryan Gable, broker-owner of Starting Point Realty in Palatine, Ill., recently mentioned the credit to an architect who was attending one of his home buyer seminars. If anyone would know about the credit, Gable thought, it would be someone who’s involved in the building industry.
But he was wrong. “It was like she won the lottery when I told her,” says Gable, whose brokerage, which focuses on first-time buyers, has pulled out all the stops to market the credit as a too-good-to-miss opportunity. In addition to touting the credit at seminars, Gable showcases the incentive on the home page of his Web site and discussed it in an interview with a local NBC affiliate TV station. “It’s really unbelievable the number of people who don’t know about it,” Gable says. More details.
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