I am currently working with several 1st time home buyers in my area (Macomb County MI) and there is one thing that they also have in common:  They do not want to miss out on the first time home buyers tax credit that expires at the end of November.

As of todays writing there are only 69 business days until the tax credit expires.

A couple of things to keep in mind:   It will take approximately 45-60 days to process your mortgage from the time that your offer to purchase a home is accepted.   Right now the home inspectors, mortgage lenders and underwriters are swamped with business.  As we move in to October I fully expect things to become much busier for them, and for buyers agents in Macomb County. 

If you are expecting to take advantage of this tax credit before it expires, get started right now.  







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10 Comments on A reminder about the 1st time home buyers tax credit for Macomb County MI home buyers: It expires at the end of November

AUG
22
527,825 Points 25 Featured Posts Outside Blog

I hope that this tax credit will get extended. It has really helped out the Nashville Area real estate market...

helping you live your American dream...

5:42am • #1
256,269 Points 44 Featured Posts Outside Blog

Michael, I don't see it happening.  When Congress comes back in the fall there is the health care reform that will take center stage.  Also, the American public has become too disheartened with all of the money being spent by the government.  I will be extremely surprised if more Federal dollars are spent on this tax credit and it's extended.

5:45am • #2
217,452 Points 19 Featured Posts Outside Blog Hit Router

Kris,

We keep reminding them but our voices are pretty insignificant. Where are the deep pockets folks. Everybody heard about cash for clunkers but this just seems to be under the radar.

Rich

6:29am • #3
256,269 Points 44 Featured Posts Outside Blog

Richard,   The phone calls have been coming in the last 2 weeks and to a person they all say 'I don't want to miss out'.  I think the word is being spread, thanks to people like us who keep preaching it.  Thanks Rich.

6:30am • #4
458,071 Points 28 Featured Posts Localism Sponsor Outside Blog

Kris, I've seen a few people scrambling to get in on this...it's a LOT of money and I really hope they don't miss out!

7:52am • #5
576,555 Points 95 Featured Posts Localism Sponsor Outside Blog Hit Router

Kris, did you hear the latest NAR statistic?

More homes sold than in the last 5 years? 

I have no idea if it will be extended so we are getting folks off the fence.

Keep harping away, some first time homebuyers are just now starting to get it. 

If they don't buy now it may not work out for them and they will have missed a great opportunity.

I would be shocked if it was extended the American People are sick of ALL the bailouts. 

 

8:02am • #6
321,231 Points 40 Featured Posts Outside Blog

Kris--I actually have a few first time buyers hoping that an extention is delayed for a bit so they can buy a home. This program is so popular that we have a shortage of homes that meet FHA guidelines in my area under $150K. There are often half a dozen offers on nice well priced move in condition homes within hours after listing. The tax credit has given first time buyers a reason to buy this summer. But I too am concern that all this activity is not a recovery as much as it is in response to the credit. I fear everything will stop completely when the credit is over.

8:09am • #7
255,552 Points 7 Featured Posts Outside Blog

Kris,

You know I echo your call to action.  100 calendar days from today...

4:26pm • #8
397,147 Points 1 Featured Post Localism Sponsor Outside Blog

I'm sure we will get to the end and several buyers will be disappointed they missed the deadline.

10:22pm • #9
AUG
23
256,269 Points 44 Featured Posts Outside Blog

Missy,  I read that, and know that it is a direct result of this tax credit AND of smart investors taking advantage of the low low prices.   I really don't think this will be extended either.

Carole,  The scrambling has already started.   I hope that everyone has their ducks in a row by October 1st and are in position to make an offer on a home quickly.

Teri,   You hit on something else:  A shortage of homes in the under $150,000 range.  I'm seeing it here also.  The well priced & in good condition homes (and condos) are selling quickly.

Mike,  It's now 99 - with only 68 business days.  Unbelievable.   Thanks Mike. 

Terry and Bonnie,   We're going to hear from those people after November 1st and we'll have to tell them that closing in under 30 days will be next to impossible..

7:44am • #10

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Kris Wales - Macomb County MI real estate blog & homes for sale search site

Macomb, MI

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Keller Williams Realty - Lakeside Market Center

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