20 March 2009

$14,000 incentive to buy a New Home in UTAH? It's finally happened!

Who wouldn't want $14,000 in incentives to buy a New Home in Utah?

Impossible you say?  

It's finally happened!

Governor Huntsman signed SB260, the "Home Run" stimulus bill!  As I previously outlined, the Home Run program will allow buyers that purchase a new, never been lived in home to qualify for a $6000 dollar grant that can be used for down payment assistance or closing costs.

 Combine this with a possible $8000 from the feds in a tax credit for first time buyers, and it's reality! 

The fund will allow for a bit more than 1600 grants, targeted at one of the biggest housing obstacles we have in Utah, empty new construction.

There are between 3500 and 4000 New Homes/Condominiums available in Utah.  They are putting a stranglehold on the economy.

Almost half of these New Homes for sale are priced under $300k. Those are exactly the homes that need to move, making some of the more entry level homes available as these new homes are purchased by the "move up" buyer.

 I've talked about the advantages to the buyers, but the Guv had some other things in mind as well. It is anticipated that this package will generate or restore over 8800 jobs and generate tax revenue of around 27.7 million dollars.

Obviously for us, the big deal is moving some product which is stopping up the process. Hats off to the Governor for pushing this legislation which will help the Utah economy recover quicker than it might have otherwise.

 As of today, homebuyers who go through the process outlined in the Home Purchase Grant link at www.uthc.org can receive the grants. Obviously they are limited and there are a few hoops to jump through, but it's all worth it.

The phones are already ringing!    It truly is going to be a "Home Run"!

For more information about Real Estate In Utah, stop by our Web Site, Utah Real Estate , or give us a call @ 435-840-4029.

We can show you how to apply for that $14,000 incentive to buy a New Home in Utah. It's finally happened !

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