Tax Credit Deadline Fast Approaching

By
Real Estate Agent with Liberty Bell Real Estate
The tax credit deadline is fast approaching, only 74 days left to the end. Optimists are hoping for an extension, but aren’t we all? It’s very uncertain whether the tax credit will be extended. Everyday we are confronted with the reality that the government is tapped dry; though this hasn’t stopped some home buyers from accomplishing their dream of owning a home. According to Trend MLS, the Philadelphia Housing Market for single family homes was up 1.4% in June and 4.4% in July over 2008 home sales. That’s definitely a reason for optimism, even if the tax credit does not get extended. Keep in mind that it’s still a buyer’s market. Interest rates are low, and FHA financing requires just 3.5% down. If your credit score is ultra low, I can’t say you’ll be getting a loan just yet but with credit repair, by next spring you may just be calling your friends and family over to celebrate your house warming!
Posted by

Zakiyyah Newman, Realtor®

 

Comments (1)

The Somers Team
The Somers Team at KW Philadelphia - Philadelphia, PA
Delivering Real Estate Happiness

Zakiyyah - I think it is imperative for those buyers on the fence to not wait to long and take the risk their settlement gets pushed back from the end of November to early December.  Can you imagine being part of that deal where there was some sort of title issue or an appraisal ordered late ?  Buyers really need to get under contract by mid October to reduce the risk of not having an extended settlement.  ~ Chris

 

Sep 20, 2009 10:55 AM