Unfortunately, it's coming down to the wire for first-time home buyers who want to cash in on the $8,000 tax credit. Buyers must close before Dec 1st to obtain the credit, which is only a small window of time for those individuals who are just starting the process.
Most closings average around 45 days, which means that buyers need to find, negotiate, and start their loan process no later than around the 16th of October. Waiting this long may even be risky, as things don't always go as planned in a transaction. This time-line is not allowing for any errors.
Don't be discouraged, just be aware that now is the time to act. If your sitting on the fence, get off, or accept that you may have just passed up on $8,000 from the government.
Some say the tax credit will continue, but at this point no one can be sure.
We know the tax credit is working, because 1.14 Million buyers have already filed for the credit. I'm sure there will be many more in the next couple of months.
According to a survey by the National Association of Realtors first time home buyers accounted for one third of the purchases in July 2009.
Happy Home Buying!!
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