We've seen a lot during this recession, including a devastating housing crisis. But local realtors and builders say they're starting to see the light at the end of the tunnel.
Spring typically tends to be a busy time for realtors, but buyers should know that time is running out to take advantage of a federal tax credit that could help them keep some cash in their pocket. The beginning of 2010 marked the countdown to an April 30 deadline. That's when a federal tax credit for first-time home buyers and current homeowners expires.
First-time home buyers can receiver a tax credit of up to $8,000, while qualified repeat home buyers can receive up to $6,500.
The Cape Fear and Wilmington Home Builders Association says it's helping to build momentum.
"It's been tough out there for our builders, in particular," said Donna Giradot, CFWHBA executive officer. "Our suppliers, realtors, bankers, closing attorneys, it's been tough. But our folks are starting to feel some traction. I think we are gonna continue to see very good progress and momentum through the spring and summer."
According to the Wilmington Regional Association of Realtors, spring and summer are typically the busiest times of the year. The Cape Fear and Wilmington Home Builders Association says the time to buy and build is now.
If you qualify for the home buyer tax credit your home must be under contract by April 30. You must close on your home by June 30. Military members have a one year extension...
For more information, go to www.federalhousingtaxcredit.com