Realtors from across the region gathered for the District 8 Conference Friday, to learn about the current real estate market.
The conference is a way for the realtors to meet and maintain their license requirements. A number of topics were discussed including the National Flood Insurance Program and the First Time Homebuyers Savings Account Program, which is currently working its way through the state capitol.
If passed, the program would make buying a first home easier for potential buyers.
“This would allow a first-time homebuyer to establish a savings account specifically for the purpose of buying a home in Pennsylvania,” said Todd Umbenhauer, President of the Pennsylvania Association of Realtors. He added, “Those deposits into the accounts would serve as deductions for their state income tax return and the interest that was earned would not be taxed.”
Umbenhauer said parents and grandparents would also be able to open the same type of account with those benefits as long as the money is used for the child to purchase their first home.