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We're going 35 mph, and about to hit the wall...

I don't know about youse guys... (yes, I said "youse"... are you gonna make fun of the way I talk now?) but I have been working non-stop with first-time-buyers, going out to find their first home... in a frenzy to purchase a home in time to take advantage of the $8,000 tax credit.

Now we're not going 60 mph.... but we are going 35 mph, and we're about to hit the wall. The wall of "you won't have enough time to close before November 30th". November 30th, for those who don't know, is the deadline for closing in order to get the $8,000 credit.

In order to close by November 30th... you're going to have to have a signed contract soon.... very soon. Maybe within the next 30 days or so. So if you're going to take advantage of some of your very own stimulus money... you need to get out there and find a home... just about... NOW!

The good news? (Yes, there is some good news)... the good news is that it's always possible that they'll extend the credit... but if they do so, they'll likely not do so until well after the first of the year. But in the past, when this type of stimulus was "extended", the often made it retroactive to the lapsed deadline.

What did I just say? Well, I said that if they do "renew the credit" in February of 2010... it's likely that they'll make it so that it also covers anyone who purchased a home between December 1, 2009 and whenever the new stimulus credit begins. The only problem is that those buying in December and January... will be working without a net. They just won't know, if they are, or are not going to receive a credit.

Ladies and gentlemen... the sands of time are falling through the hourglass. Will you, or won't you get $8,000.... (or more?) I dunno...

Surprise me!

ALAN MAY, Realtor®
Specializing in Evanston Real Estate and North Shore Real Estate
Coldwell Banker Residential Real Estate, 2929 Central Street, Evanston, IL 60201
847.425.3779 Cell: 847.924.3313 Email: Almay@aol.com
Evanston Real Estate & North Shore Real Estate • Licensed in Illinois

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Posted by Alan May, Coldwell Banker Realtor® Evanston, Illinois Homes for Sale on 09/15/2009 07:56 PM

Comments (24)

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24 Comments on We're going 35 mph, and about to hit the wall...

SEP

2009

Alan, we are seeing similiar here. Hopefully some of these First Time Buyers will take heed of your post.

It's nice to be free! I don't care about this thing at all. Good luck though with your closings.

Great post and yest time is wasting away. The best time to buy is right now.

Tim and Pam - I'm not sure what they should take heed of. I said, the $8,000 credit is quickly coming to a close... but it may well be extended... what exactly should they heed?

IBR - you seem to be indicating that I stand to gain something... what exactly are you infering (or attempting to insinuate?).. that somehow you're above the fray? That somehow the tax credit doesn't affect you, or your clients?? what?

Ellen - I am not saying that at all... go back and re-read the post... I am NOT a "great time to buy" realtor. I'm saying that the credit is quickly coming to a close... first time buyers will likely stop buying... and yet, the credit may (keyword "may") be extended.

I guess people see what they want to see, regardless of the type in front of them.

This program is great and I hope everyone heards your warning. The clock is ticking and time is running out. The time is now!!

;)

SEP

2009

Alan, I seem to be doing 12 hours days with people determined to get this credit but the shorts and REOs they are bidding on are eating up the time left while the bank sits on it's ______ not making a decision. Wishing you the very best with your projects. We all might need a bit of prayers as we approach the end of the month (LOL). :-)

Betina - that's just the point... the clock might NOT be ticking... there may be life after the deadline.

Ohhh... C.... tax credit and short sales or forclosures... .bad combination.

I'm not 100% convinced that the cost of this program is worth extending the deadline. We have programs that the government hasn't finalzed approval on such as the Department of Defense HAP program which is leaving thousands of military families owning homes in one city and living in another. This program was also part of the 2008 economic stimulus package and here is almost the end of 2009 and not one application has been processed. The $8000 tax credit is nice but has it really helped sell that many more homes? Or was it the lower prices and lower interest rates that fueled the buying surge?

Alan, that is a beautiful story of people with heart! Those sellers need to be applauded for recognizing a special couple who would love their home as much as they do! Sometimes it is about passion and not money!

Cindy - I can see a direct correlation between the tax credit, and recent buying. Now that's not saying it's a good idea, or that we have the long term bucks to subsidize this program... simply that it appears to be effective, at least in my area.

Caren - I think you commented on the wrong thread.

Alan I had to re blog this well written post and plea. Many first time buyers are still sitting in the land of indecision and its time to make up there minds! Or possibly brush away $8000.00. I wish Uncle Sam had done that on my first home!

Perhaps I didn't write this post as clearly as I thought, Laura. Thanks for the reblog (and thanks for the "give alan a cal"), but I'm NOT saying "hurry up and buy a home, or you won't get a tax credit". You're not the first to hear the wrong message.

I'm saying "it's very possible the tax credit will be extended in some fashion or another... but we won't know for months".

Alan, I have been reading with equal interest, the blogs about buying quickly and petitioning the Government for a first time home owners credit extension...we have to see. They let the cash for clunkers expire, and the Fed Chairman says we are out of the recession...so Best to buy now and not assume the government will extend these "privileges"...long term (note privileges..not rights).

Steve - I'm not sure if they're going to extend this one, or not. All I know is that when programs like this have been extended, in the past, they're often extended retroactive back to the cancellation date.

But I agree... I wouldn't presume that it's going to be extended...

Alan,

There are definitely some folks out there trying to force the issue. Trying to get their credit score up or save a down payment in order to get closed by the November 30th cutoff. I hope they don't end up with something they didn't want...

Patrick

Patrick - I'm not a big fan of "rushed decisions" either... even if it's in order to take advantage of a tax credit. We still have time out there...but I imagine that in about 30 days, things are gonna slow to a crawl, in that 1st-time-homebuyers segment.

Alan - Time is definitely ticking away and I hope all of my buyer's will make the deadline.

Hi Alan,

I hope you get several pleasant surprises these next few weeks. There are many buyers out there who finally get it that they need to get the ball rolling if they are going to close before the deadline.

Michelle - indeed, and there are many who are just waiting to see if the much talked about $15,000 credit appears next year.

Dorie - we've been very busy with first-timers these last few months...

SEP

2009

Alan... yes, time is running out. But question to you, do you think they should extend this tax credit? thanks PS... did you just change your picture? Unless there are two Alan May's on AR... lol

jeff belonger

Jeff, I don't think they should have offered the credit in the first place.... there are so many other ways to have stimulated the economy that wouldn't have cost the taxpayer so much money.

(and yes, it's me... we had a little "elvis" melt-down)

SEP

2009

What's next to be giving folks to buy. I don't agree with it but as I tell my agents our job is to put folks in homes. But back when we were having the sellers give buyers money it was called coercion. But if the government is giving the sellers money back to the buyers then that is ok,

SEP

2009

Charles - I don't believe that we ever called bonuses to the buyer "coercion"

as you can see, Coercion is "persuading... by force or threats. There's nothing about a bonus that intimates either.

SEP

2009

They should have realize, the Buyers, that time is running out and buy their perfect home.

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Alan May, Coldwell Banker Realtor® Evanston, Illinois Homes for Sale

Evanston, IL

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Evanston Condos & Evanston Single Family Homes

Address: Attn: Alan May, Realtor®, 2929 Central Street, Evanston, IL, 60201

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