According to Kathy Hinman of the Nevada County Association of Realtors, the last week of April, 2010 was a very busy week for real estate agents. As Kathy stated, “There are deals being signed, and that’s positive to hear.”
In spite of the economic recession which is plaguing the economy throughout the United States, the real estate industry has been doing a brisk business in western Nevada, a reflection of activity across the country. A lot of the energy seems to be due to the federal incentives program for first-time homebuyers. This program awards those who are eligible with an $8,000 tax break towards the purchase of their first home.
The first phase of the program to lend a hand and some cash to first time homebuyers ended with the conclusion of November last year. Realtors immediately noticed a drop in business after the deadline date. Lawmakers in Washington, D.C. extended the program, and business picked once again, allowing people to “get back on their feet” with the purchase of homes ranging in price from $200,000 to $350,000, on average.