Utah's Governor, John Huntsman, signed a bill last week allowing creation of a $6000 grant program for homebuyers purchasing a newly constructed home. There are 1,600 grants available. Salt Lake Board of Realtors President Ryan Kirkham stated that getting rid of inventory will help home builders and the construction industry get back to work. The Salt Lake Board feels this new local incentive combined with the Federal $8000 incentive will make a big difference in Utah's housing market. In fact, the SLBR says that the combination of these new incentives could pull Utah out of the recession.
"People are kind of excited about this, and there is a little bit of a buzz, and I actually think we might see things really pick up here because it's just a time where if you are thinking about buying at all, you can't pass up these opportunities its almost crazy to not take advantage of this," Kirkham said.
"This move by the state, by the legislature and the governor is really a great move because that money should drive that inventory down even lower, which is really important to help us fix this housing market. You can't have an economic recovery without housing," Kirkham said.
These incentives are also good news for the estimated 18,000 Utah construction workers who lost jobs last year as a result of the slowing housing market. According to the Governor's office there are an estimated 3,000 newly built homes available. The $6000 buyer's incentive should help drive down this inventory and give the new home market room to grow again.
Imagine this scenario: $8000 first time home buyer credit
+ $6000 new construction incentive
+ $6000 seller paid closing costs (based on 3% of $200,000 purchase price)
That's a possible $20,000 discount on your new home! WOW! Why wait???
Contact Suzanne Gallegos, Salt Lake City's Service First Realtor
Serving Salt Lake City, Utah and surrounding areas