Tax credits help homebuyers, economy
Part of lifting ourselves and others is focusing on the positives. The Bonneville Radio Group is currently running radio spots in the Salt Lake market area that highlight what is right with Utah. We are fortunate to be doing business in a state that consistently out-performs the nation. Our unemployment rate is among the lowest in the nation, unlike many states, we are still creating jobs, and Utah recently received a third-place ranking for the top state for business. Even in challenging economic times, I'm bullish on the Utah economy.
And the prospects for an economic recovery just got brighter.
Experts agree that the current drag on the Utah economy is residential construction, which shed 11,000 jobs in the past year. The public has suffered because of some poor decisions made by some lending institutions and speculators. But first-time homebuyers had nothing to do with these decisions, and we now have the opportunity to stimulate our economy by making it easier for them to realize their American dream. Here is how it works:
Qualifying first-time homebuyers will receive a $7,500 tax credit for the purchase of their first home. This is fantastic news for Utah's economy as a whole. Immediate benefit comes to first-time homebuyers as many have been renting for several years and are finally ready to purchase. First-time buyers are often scared away by the news of trouble in the housing market.
The truth is this is a great time to buy. Interest rates are in the 6 percent range, there are ample homes for sale and, thanks to the available tax credit, they are now ready to buy knowing there is a sizeable tax credit available to replenish their savings when they file their 2008 taxes.
Significant benefit also comes to those who don't qualify as first-time buyers but will eventually see the positive effects from the financial windfall.
This change in the law is good news for sellers as well. How helpless one must feel watching the weeks roll by with a "For Sale" sign in the front yard. As an infusion of first-time homebuyers enters the market, the probability of selling a home greatly increases. As existing homeowners sell their homes, they almost always purchase again.
Recent comments
Well Said Thomas. Funny how the writer of the article neglects to...
whocares | Aug. 11, 2008 at 8:00 p.m.
Keep in mind, Mr. 8:56 Anonymous, that interest rates change, but...
Thomas | Aug. 11, 2008 at 12:38 p.m.
The booster who wrote this article neglected to mention the...
Thomas | Aug. 11, 2008 at 12:23 p.m.
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