Many wanabee first time home buyers might be waiting until the end of the year to purchase a home because they think they will take advantage of the first time home buyers tax credit. Think again! A buyer has to close on a house BEFORE November 30th, 2009 to be eligible for the $8000 credit.
Take into consideration that once a property has been identified, it takes an average of 60 days to close on a house. So, now you think you have until the end of September to find a house? Right? Think again.
Many of the houses that are for sale NOW in my local market are actually in pre-foreclosure status, which means the final decision is up to the bank, long after the current home owner agrees to a price (and long after contracts have been signed). These purchases can take twice or three times as long. 
So, now you think you have until the end of May to find a house? Right? Think again. Don't you want time to look at properties first and feel educated about the local market before you just rush into making offers? Personally, I don't like to see people rush into making decisions they could regret.
The time is now. Those who wait will be competing with all the other buyers who procrastinated, and with everybody competing against one another, there will probably be bidding wars. A bidding war leads to a price INCREASE. So, if your plan is to wait. DON'T. The time to act is now!
Just last week, a buyer I have been working with lost his opportunity on a great property at a great price - to another buyer. The market is heating up. Some buyers don't belive it.
There may not be a better time to buy a house than NOW!
Buyers....come out, come out - wherever you are!
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