Poplar Bluff real estate market looking up

By Tyler Profilet - bio | email

POPLAR BLUFF, MO (KFVS) - The United States Commerce Department reports that new home sales are way up.

Officials say new home sales jumped 27 percent in March, the biggest monthly increase in 47 years.

Analysts say sales were boosted by a federal home buyers tax credit that's set to expire soon.

"People hear about how bad the housing market is, but that's not the case here at all," said real estate broker Rick Brittingham.

He says the $8,000 tax credit for first time home buyers along with other government incentives has helped moved homes valued under $100,000 off the shelf in less than a week.

"The low and no down payment loans have helped open up the housing market to a lot of people. There's a lot of buyers out there now who couldn't afford to buy a house," he said.

First time home buyers have until April 30th to be under contract to purchase a house to qualify for the tax credit.

And realtor Terry Stewart says the housing market wouldn't be near what it is now without the government assistance.

"It would be somewhat slower," he said. "These government incentives have been what has made people get back out there and get back in the market."

Brittingham says historically low interest rates have also played a role in the recovery of the housing market.

"I would strongly encourage any body out there who is looking to buy a house to take advantage of these low rates because they will not last forever," Brittingham said.

All houses under contract by April 30 must close by June 30.

Brokers in Poplar Bluff say the reason the housing market is stable is because unemployment in the area is low.

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