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First Time Homebuyers Savings Account Could Make Homeownership Possible

image of coins stacking up progressively in front of a new home - first time homebuyers savings account bill - Sage RealtyMay 25, 2018 – Wayne, Pennsylvania – A new Pennsylvania bill could bring home ownership within reach for more first-time buyers. The Bill, called “First Time Homebuyers Savings Account Act,” would allow eligible Pennsylvania residents to open special savings accounts and claim state tax deductions for savings toward home purchase expenses, including a down payment and closing costs.

First-time home buyers and people who have not owned or purchased a home within the three years leading up to the purchase would be eligible. Up to $50,000 could be contributed over a 10-year period with annual contributions limited to $5,000 for single taxpayers and $10,000 for joint taxpayers.

First introduced by co-sponsors Rep. Ryan Bizzarro (D-Erie) and Rep. Rosemary Brown (R-Monroe), HB 1981 was approved on April 11 in the House Urban Affairs Committee. The companion legislation, sponsored by Sens. Wayne Fontana (D-Allegheny) and Bob Mensch (R-Montgomery), is pending in the Senate.

The First Time Homebuyers Savings Account Act would benefit residents who enroll, but many other benefits are predicted. Some estimate that the positive impact on the Pennsylvania economy could be as high as $68 million. The National Association of Realtors® (NAR) estimates that $64,000 in secondary expenses is put into the economy when a typical home is sold. These expenses include moving costs and brokerage services.

The savings account will enable those who are struggling to save enough for a down payment, while paying off student loans and managing other normal costs. In addition, parents and grandparents can save for their children and grandchildren.

Main Line Realtor® Linda Walters of Sage Realty strongly approves of the bill. “I hope that this bill passes—for the benefit of our residents who are trying to get into their first homes, of course, but also for the benefits to our Main Line communities. First time homebuyers have a difficult enough time saving what they need to purchase a home, and right now we have a strong sellers’ market. Over the next few years, if this bill is approved, whatever the state of the market, residents who take advantage of this opportunity will be in a much better position to buy, and that helps the local real estate market as a whole.

The National Association of Realtors® has estimated that 80% of Pennsylvania residents support the new bill and Pennsylvania is only one of several states considering this type of bill. Virginia, Maryland and Colorado are among the states that already have some type of program in place.

For more information about the Main Line Real Estate market, contact Sage Realty directly.

About Sage Realty

Sage Realty is a full service real estate company serving the Main Line area of Philadelphia. The company’s founder, Linda Walters, opened Sage initially to provide first time homebuyers, as well as repeat buyers, with a skilled and experienced advocate they could count on. Today, the agents of Sage’s team also provide top quality service to home sellers, and they are committed to helping each client achieve the best outcome. With the company’s strict “No dual agency” policy, clients never have to worry about conflicts of interest. For information or a consultation, contact the company at 610-687-4000 or visit the website: www.FindAHomeInPA.com.

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  • "Linda and the group at Sage are the right fit. You won’t find more knowledgeable, prepared and professional agents."
  • "Linda and Tracey really know the Main Line area."
  • "Throughout the entire process we never doubted that she always had our best interests in mind. We wouldn’t consider anyone else when buying a home on the Main Line."
  • "From start to finish, Linda brought to bear a most helpful combination of experience, knowledge, attention and integrity on a somewhat complicated transaction. There was never any doubt that she represented our interests."
  • "Her knowledge of the area helped us quickly narrow our search and ultimately scored us an amazing home in an incredible neighborhood."
  • "It is hard to trust when you are not sure of the rules of the game. Working with Linda made us feel like we were family. Linda took her time to relay and explain everything in detail."
  • "Linda’s honesty and real estate savviness made for a wonderful home buying experience!"

Read more about what our clients have to say

Hear from our Clients

  • "We were so pleased that a co-worker recommended someone in the area that she trusted. Boy, did we strike gold on all counts. You are amazing!"
  • "Instead of trying to take advantage of conflicts of interest, she puts the client's interests first."
  • "Linda is a hardworking, proactive and knowledgeable realtor. Throughout the process of finding and buying our new home, she was always responsive and kept us up to date on every detail."
  • "Linda and the group at Sage are the right fit. You won’t find more knowledgeable, prepared and professional agents."
  • "Linda and Tracey really know the Main Line area."
  • "Throughout the entire process we never doubted that she always had our best interests in mind. We wouldn’t consider anyone else when buying a home on the Main Line."
  • "From start to finish, Linda brought to bear a most helpful combination of experience, knowledge, attention and integrity on a somewhat complicated transaction. There was never any doubt that she represented our interests."
  • "Her knowledge of the area helped us quickly narrow our search and ultimately scored us an amazing home in an incredible neighborhood."
  • "It is hard to trust when you are not sure of the rules of the game. Working with Linda made us feel like we were family. Linda took her time to relay and explain everything in detail."
  • "Linda’s honesty and real estate savviness made for a wonderful home buying experience!"

Read more about what our clients have to say

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Use Sage Buyer Tips to research the Main Line and stay up to date on real estate news. This online destination is chock full of resources for buyers and sellers: you can see our Main Line communities or explore Sage favorite places. Browse properties here and search other Main Line real estate. With Sage’s advice and experience, first-time buyers and those looking to upgrade can find homes best suited to their needs.