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Housing tax credit set to help Oklahoma buyers

 
BY RICHARD MIZE | Published: February 18, 2009    Comment on this article Leave a comment

Will apartment complexes empty, with renters flocking to buy houses as a result of the new housing tax credit?

Probably not, a multifamily property specialist said.

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“I doubt the impact will be substantial, but if you have the ability to buy a home, then that essentially will be an $8,000 discount off of the price of the home,” said William T. Forrest, first vice president with CB Richard Ellis-Oklahoma in Oklahoma City.

House prices here have always been affordable “and anything that adds to that will have an impact on demand for multifamily.”

The tax credit is just one factor in the home-buying equation, Forrest said.

“Interest rates are low, home prices may go lower and adding a substantial tax credit to the equation may cause some home buyers to act that might not have otherwise,” he said.

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Related Topics: Public Finance, Business, Taxes, Real Estate, Real Estate Sales, Property Values, Government and Politics



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