Wednesday, October 3, 2012
Local experts say a new tax incentive for home buyers is pulling the Wichita housing market out of a slump.
The program went into effect in Wichita in February. So far 233 new home buyers have taken advantage, as the first 1,000 buyers will receive a five year rebate on city property taxes. The Wichita Area Builders Association says it's working.
"Buyers are having a renewed sense of confidence that even though the market hasn't improved, it is beginning to take hold," said WABA President Wess Galyon.
Brian and Kristina Clevenger just built their dream home in northwest Wichita. They say they will save $1,200 a year with the incentive program.
"It was icing on the cake," said Kristina Clevenger. "It makes us get that money back to buy something for the new house, a piece of furniture or something."
WABA says if the trend continues Wichita will see new homes sales rise by up to 50% by the end of the year.
For more information on the tax incentive, contact the Wichita Area Builders Association at (316) 265-4226.