If you are a first-time homebuyer (or second, third, so-on buyer) who has been seriously thinking about purchasing a home, but are still waiting for the home prices to fall, you're about to miss out.  Inventory is dwindling and interest rates are going up.  I have noticed a huge decline in inventory in my home market of Tampa, FL.    Most of the homes that are selling are $150,000 and under because of the influx of first-time homebuyers.  First-time homebuyers who are still thinking about buying a home need to move quickly.  The $8,000 first-time homebuyer tax credit expires December 1, 2009. This means you have to actually close on the home prior to December 1st.  If you are first-time homebuyer who has been pre-approved for a FHA loan, you need to get moving immediately.  Homes in the $110,000 price range and under that qualify for FHA are very difficult to find because there are very few of them and the few that are in good condition go quickly.  You also have to take into account the short sale timeframe, which takes forever.   At this point, if you don't already have a contract in on a short sale home, there is a very slim chance the home will close before December 1st.  Bank-owned and regular old seller to buyer sales (what are those?) are just about your only chance at this point to ensure you close before December 1st and qualify for the $8,000. 

The point of this blog is to help light a fire and get you moving on finding a home now before interest rates go through the roof (you know, inflation is going to kick in at some point) and to beat the deadline of December 1st.

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