For our potential first time home buyers out there, the $8000 Federal Housing Tax Credit that you are eligible for is coming to a close. By the 1st of December 2009, only 3 months way, this tax credit will be no more. However, due to the time necessary to close a home taking about 30 - 45 days, what this really means is that you will need to have your sales agreement accepted and in escrow by the 15th of October just to be safe. Since you have only about a month and a half of shopping time left, don't delay. Take advantage of all that is available in the market place right now; historically low interest rates, home values that have reset in many markets to 2003/2004 prices and an $8000 government give-a-way.
Don't be one of those who feels that the housing market has a long way to fall. There is too much positive news coming out all over the country to counter that theory. Remember, it only takes interest rates to move up a half of a percent to wipe out the benefit of a 10% drop in sales price. With many markets identifying their bottoms already, waiting for deeper price cuts is a mistake that you will surely regret when the tax credit is gone and rates go up. Which, they will.
Don't miss out on what will be looked back upon as an opportunity of a lifetime for those willing to take advantage of it.
For frequently asked questions and more information on the Federal Housing Tax Credit refer to: http://www.federalhousingtaxcredit.com/2009/index.html