The clock is ticking and you're not alone if you're ready to get off the fence and fulfill your dreams of homeownership. Here are some quick tips on taking advantage of the first time home buyer tax credit.
As many already know, the home buyer tax credit was extended through April of 2010. It's motivated many Oregon home buyers to purchase their first home and with the newly expanded credit for repeat/move up buyers, it's created that much more opportunity to purchase AND sell your Sherwood home or Oregon property in the surrounding area. Not only that, the Sherwood real estate market alone has increased sales activity to show for it!
The newly expanded and extended home buyer tax credit is an excellent opportunity for many Oregon homebuyers - as with anything, there are always a few things you should consider. Here's some tips we found that may be useful to you...
- Don't wait until the last minute. Even though the credits have been extended till April 2010, you don't want to wait. You'll have much better luck and much needed processing time on your side if you start looking for your Sherwood home now. You DON'T want to be in the furious pool of buyers scrambling to get in on the credit right before the deadline.
- Get Pre-Approved. This is the basics of house hunting - you always want to see a lender and get pre-approved BEFORE you even start searching for a Sherwood property. The last thing you want to do is get your heart set on a house that you're not even 100% sure you can afford or can get a bank to approve you for a mortgage on. We work with a great mortgage team, let us help you get the process started so when you do find the perfect home, you're in a position to beat out other potential buyers.
- Watch your credit score. Even though the government is encouraging new buyers with the tax credit, it's important to understand that the credit sector is enforcing strict lending standards. Work with your mortgage professional to come up with a plan that fits your specific needs. Ordering a credit report, paying down necessary debt and NOT opening new lines of credit before closing on your home is good advice.
- Watch mortgage rates. Overall mortgage rates have continued to remain relatively low, but may be on the rise. A small rise in mortgage rates may mean a large rise in your monthly mortgage payment. There are solutions that our Oregon real estate team can help you with. First, be proactive by watching rates so they don't creep up on you.
- Be prepared to sell. Price it right - from the beginning. If you're considering selling a home, don't be fooled by this sudden spike in home sales we've seen in real estate, it's still a "buyers market." You want to make sure your home stands out among the competition in more ways than one. We have several solutions that will position you aggressively without time and money being at stake. Having the right Realtor with a trusted reputation, proven results, sound strategies and proper marketing representing you is critical. It's time to talk to our Sherwood real estate team.
- Beware of Short Sales. It's really important to be careful purchasing a short sale as it relates to the home buyer tax credit. Reason, the process of purchasing a short sale can be a LONG one. Although we've helped many clients with great success, there is a tax credit deadline and it won't wait for you. There are so many homes out there that possess a great value without the short sale headaches. Knowing our market, we can better help you find the right short sales given the proper amount of time on our side or help you search ALL eligible Sherwood homes should you be thinking twice about buying a home in short sale.
Committed to YOUR Success,
Gardner Team Real Estate | Top 1% Nationally. #1 in Sherwood.
Comments(0)