Property Virgins - Hurry, your first-time stimulus is running out!
Alright virgins, it’s great to wait for the right one your first time, but wait no more. You are running out of time to take advantage of a rare first-time homebuyer opportunity - an $8000 tax credit available only to you virgins. Sadly, non-virgins need not apply.
The $8000 incentive offered by Uncle Sam to encourage Property Virgins to experience their first time ends December 1, 2009. That means if you haven’t already started searching for your first home love, you need to begin the process now and close on your new love before November 30th! The old adage “Time is running out” is in full affect! In today’s climate, it is taking 45 days, on average, to obtain financing and close on your new home.
Factor in the Thanksgiving Holiday and a few days of buffer for unexpected hurdles, and we say plan for 60. Working backwards, that means you would need to write a contract by end of September, early October at the latest, in order to ensure you can close on time to qualify for the tax credit. Today, we are at the beginning of September which means you have the next 30-45 days to begin the process of buying and contracting on your first home. Don’t wait.
The old adage “Time is running out” is in full affect!
THE PERFECT STORM: Low home prices, historically low interest rates, $8k virgin credit Also, please note, that in addition to the $8k credit, home prices and interest rates are at an all time low. This is what we call The Perfect Storm. Those that wait will likely and sadly regret it once the $8k credit is gone and home prices and interest rates rebound. To learn more about The Perfect Storm!
What are you waiting for?
So, what are you waiting for?
Perhaps you have one of the following questions or concerns:
1. “Am I a property Virgin?”
I know this sounds like a rhetorical question in that one usually knows if they are a virgin or not, but with Uncle Sam it is possible to be born again. You are considered a ‘first-timer’ if you have not owned a home within the last 3 years.
2. “I don’t have a down payment”
The good news here is that with an FHA loan, you can obtain a gift from a family member covering the full amount of your down payment. Assuming you qualify for the $8000 tax credit, you can amend your 2008 taxes, collect your refund check in the mail and, if you choose to, pay your family member back. Now that’s cool.
3. “I don’t understand the tax credit”
Read our full blog that explains the tax credit in detail-it’s actually pretty simple. Also, feel free to call our office to learn more. We are happy to explain the program and help you determine if buying now makes sense for you, or not.
4. “I’ve heard that the tax credit incentive will be extended”
As far as we know, this is only a rumor. We are closely plugged into real estate changes and we are not aware of any real legislation working to extend the program. Sure, our Uncle Sam could very well change the terms of the program at any minute, but why take that chance and effectively lose this rare opportunity for free money. Yes, I said free money!
5. “I’ve heard that the tax credit incentive will be increased to $15,000″
Again, as far as we know, this is only a rumor. We are not aware of any real legislation that says this is real. If we hear otherwise, we promise, you will be the
first to know! RE-Post from The Goodlife Team!
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