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Industry News
Real Estate Industry NewsTax credit deadline good for real estate industryWhile other segments of the economy have progressed in starts and fits, the looming federal housing tax credits have many metro Atlanta real estate agents working double time to find homes for their clients.While spring signals the beginning of residential real estate’s busy season, many agents say business is nearly twice as brisk as last year.“We’re 42 percent above where we were this time last year,” said Zac Pasmanick, associate broker for The Zac Team of REMAX Greater Atlanta. “The buyers know they have to get under contract by the end of the month and many of them have been looking for months.”The federal housing credit, first announced in February 2009, offered an $8,000 credit for first-time home buyers. The original program was scheduled to end Dec. 1, 2009, but was extended in November. The program was also expanded to offer qualified current homeowners a $6,500 credit, which can be claimed on 2009 or 2010 federal taxes. Rules of the initiative stipulate home buyers have to be under contract by April 30 and must complete the sale by the end of June.
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