State Home Buyers' Incentive Goes Begging
Many people don't know about the state incentives, even though they've been in place since January.
"It's really more of an education process. Homeowners, as far as people looking to purchase a home, need to contact a realtor or lender to be able to get additional information and how that might affect them and their need to purchase a house," said Columbia Remax Broker Kenny Hubble.
For sale signs point to Bob Walker's home. His house has been on the market for six months now. "The market is certainly down right now and it's difficult to sell," said Walker.
Walker chose to sell his house without using a realtor, and says the struggles to sell a home are the same--with or without help. Walker says he welcomes anything that would close the deal, just like any other resident selling their home.
"Anything that might get them to buy a house, sure, any kind of incentive at all," said Walker.
The key to selling more homes could be the Missouri Homeowners Purchase Enhancement Program. HOPE provides a $1,250 state tax incentive for people who purchase homes by August 31, 2010.
"There's kind of a deadline, a process to be able to say where you're at. And you've got through the summer time to get your home purchased," said Hubble.
Buyers can also qualify for an extra $600 in incentives for energy efficient home purchases or upgrades.
"And I think we will see more people taking advantage of it now that first time home buyer tax credit on the federal level is no longer available," said Hubble.
"A lot of people aren't aware of this twelve hundred state incentive and it would certainly be helpful. And like I say, that's a relatively small amount to be frank," said Walker.
So far the state has handed out $3 million of the $15 million HOPE has for the program.
Potential buyers could be turned off applying to the program because of the lower tax incentive and the paperwork.
"I don't think that they are left out on their own after the sale, and now what do I do? Because we will give them the forms and be able to walk them through the process," said Hubble.
A process that Walker is sure to tell his potential buyers about.
"Most people probably aren't aware that it's available, I would just make that clear to them that it's available and to look into it," said Walker.
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