How often do you get free money to spend? But free money is just the incentive Alicia Kosec, of the Poland Branch of Howard Hanna, said will help spur the country's housing market with the government's home buyer tax credit.
Initially scheduled to end Nov. 30, Congress approved an extension of the credit well into 2010. Ohio Sen. Sherrod Brown said the decision to keep the credit running makes perfect sense.
"We get out of recessions by and large by two industries, the auto industry and the housing industry," Brown said.
Though the bill would be an extension of the current one already place, there are a few changes, but ones those at Howard Hanna said are for the better.
"Really, I can't see any downsides," Kosec said.
The current credit will increase the maximum price for a home. That price is now maxed out at $800,000. The income levels for both single people and couples have also increased. And though first-time home buyers will still see an $8,000 credit, they aren't the only group included.
"If you lived in a home for more than five years and are thinking of purchasing a new home, you'll get up to $6,500," Kosec said.
To qualify, the purchase agreement must be made by the end of April, and the house must be closed on or before July.
"I just think it's a plus, and it'll really spur the housing market in the area and nationally," Kosec said.
The hope is that spurring the housing market will lead to other industries. Brown said it will create wealth in the community as people buy homes.
"What traditionally goes with buying a house, after you've purchased it, is car sales, furniture sales, appliance sales. It's funny how they all fall into play after you buy a house," said Kosec.
President Barack Obama is expected to sign the extension sometime Friday.
