You've all heard about the Tax Credit of up to $8,000 when you buy a home and have not owned a home in the last 3 years (definition of a first time homebuyer). If you are one of those buyers thinking you can relax because you have lots of time, well the clock is ticking. You must be closed on your home by November 30, 2009. Under normal circumstances you would have some more time. But what has been "normal" in our real estate markets and the economy for the last couple years? Right, nothing. Lenders today need more time to process loans for even the most qualified buyers because of the added regulations and appraisal requirements. That coupled with the fact that all of you are about to realize you don't have much time will bring an overwhelming number of loans to be closed at the last minute.
Rumor has it that the Tax Credit will be extended and even expanded. In my humble opinion, I believe it will be at least extended. But I don't know that I'd bet on it. We all hope Congress will act and keep the momentum that has started going. In other parts of the country $8000 may not seem like a lot, but here in Northeast Ohio, that makes a real difference on whether or not hard-working folks can buy a home. And if the sellers of the homes they buy can now make a move up, they can take advantage of our still incredibly low interest rates.
There is plenty of inventory, plenty of good homes out there for you to choose from. Take advantage of this opportunity.
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