NewsOn6.com - Tulsa, OK - News, Weather, Video and Sports - KOTV.com | First-Time Home Buys Up Despite Economy
Home sales are climbing for the most part because home prices are down and now the government is giving a tax credit to first-time homeowners. Those two factors equal a buyer's market.
Oklahoma's reputation for a low-cost of living and strong economy are attracting buyers from both coasts.
"I wasn't for sure if I'd be able to have the money at the time. But I know with that tax credit, I had to strike where the iron's hot, pretty much," Mayhue said.By Dave Jordan, NEWS 9
OKLAHOMA CITY -- Even in the midst of a worldwide credit crunch and a recession, people are still buying homes. Newly released numbers from the National Association of Realtors showed existing home sales climbed to 2.5 percent, accounting for about 4.7 million homes sold.
Home sales are climbing for the most part because home prices are down and now the government is giving a tax credit to first-time homeowners. Those two factors equal a buyer's market.
Even in this economic climate, buying a home was a no-brainer for Andrew Mayhue.
"I mean, jeez, $8,000. Are you kidding me? Who wouldn't try to buy a house if it's their first time? Might as well," said first-time home buyer Andrew Mayhue.
That's how much the federal government is giving Andrew toward his purchase. He spent the afternoon looking at a three bedroom house in Norman.
"I wasn't for sure if I'd be able to have the money at the time. But I know with that tax credit, I had to strike where the iron's hot, pretty much," Mayhue said.
It seems a lot of people have the same idea. Oklahoma's reputation for a low-cost of living and strong economy are attracting buyers from both coasts.
"We have been really busy. Doug and I have worked with a lot of out-of-state buyers that are moving to Oklahoma," said April Miller with Dillard Group Real Estate.
Mayhue is currently renting with a friend and admits that his expenses might increase with this purchase, but he believes the end result is worth it.
"Better to go towards ownership than lining somebody else's pockets, the way I thought of it," Mayhue said.
Many of those buying these new homes may stay in them for the foreseeable future. Oklahoma's foreclosure rate dropped nationally from 34 to 39.
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