The first time home buyer tax credit is nearing the end of its run. The program started under the former President as a zero interest, short term loan and morphed into a true tax credit under the current housing agenda has just about run its course.

Yes, you do technically have until November 30^th to close on your home in order to qualify for up to $8,000 on the credit, but stop for a minute and consider a couple of things:

1. Available inventory of homes is generally less during the final quarter of the year, having peaked in the summer months.
2. We do expect that many folks have waited to see exactly what will happen in the area, guessing whether prices will go up or down but all the while intending to buy.
3. The time it takes to actually CLOSE a home loan has increased as underwriting guidelines have tightened. Doesn't mean that there isn't money to loan, just that it takes more time to get through the approval and closing process.

For these reasons, as a local real estate professional, I would love to give you that little push off the fence to get out there and get your home lined up now, if you intend to take advantage of the first time home buyer credit. By the way, a first time homebuyer is defined as someone who has not owned a home in the last three years.

If you consider the three points above, you'll see that now is the time to get out there and secure your home and your tax credit. With closings taking between 45-60 days many times, by the time you search for your home and secure your financing, you can see how that easily puts you into November already!

If you have any questions about the first time home buyer's tax credit or need help buying or selling a home, please feel free to contact me directly!