First-Time Home Buyers have until April 30th of 2010 to cash in.

First-time home buyers are cashing in on credit and getting the credit for spiking home sale numbers to new heights.

The National Association of Realtors says home sales surged for the second month in a row in October, climbing to the highest level in two and a half years.

In Eastern Idaho, realtors agree, saying growing sales numbers are in part because of the government's $8,000 incentive to folks who've never owned before.

And now, they're extending the end-of-the-month deadline to next year and offering tax credit for move-up buyers.

Local home sale numbers show many first-time home buyers cashing in during crunch-time.

And one man who just moved to Idaho Falls says the extra $8,000 is helping form his family's foundation.

Matt Johnson lights the fire in a home he never thought he'd be able to afford.

"It's been about five years in the making. We've been saving, lived with the in-laws for a time or two," explained Matt Johnson, who moved to Idaho Falls from Salt Lake City.

As a first-time home buyer, Johnson says the government's $8,000 tax credit is money he can spend on fixing up his new foundation.

"It helped us look at homes that needed new carpet or a little bit more remodeling, so we could use that money toward simple upgrades," said Johnson.

Lenders are lending and realtors are selling.

In fact, when you compare home sales from October of 2009 to October of 2008, you'll see a 64-percent increase.

But, that increase is coming mainly from the lower price-ranges which make realtors think the first-timers tax credit may really be working.

"We weren't thinking the tax credit wasn't doing much for the first part of the year but it's really kicking up the end of the year," said Brett Magleby, who represents the Association of Eastern Idaho realtors.

Realtors hope now that the government's targeting move up buyers it will stimulate homes in the mid-price range that so far have been lagging.

Mortgage loan officers believe with interest rates at the bottom of the barrel now's the time to borrow.

"They're more than low. They're very favorable right now. There are qualifying criteria to get certain interest levels. But for a high quality buyer, they're reaching thirty-year lows again," said Jack Yasaitis, a Bank of Idaho's Mortgage Loan Officer.

For now, Johnson says owning a home is a dream come true and a new beginning for his family's future.

"It's nice to not have to pay rent and to know each month that the money you're spending is going toward your house, equity. It's going in your back pocket," said Johnson.

Realtors say it's taking homes on average about 30 more days to sell.

Although, folks are selling within three-percent of what they're asking for.

Congress renewed the first-time home buyer tax credit that was set to run out at the end of this month. Now buyers have until April 30th of 2010 to cash in. First-time home buyers still get up to $8,000 and move-up buyers can get up to $6,500 back.


www.ncrcreditplus.com 866 4696599