Some people may still not know about the $ 8,000 tax credit for first time homebuyers and the $ 6,500 credit for the second time buyers but it’s still here until April 30, 2010. We are happy to have the new year upon us but the deadline to sign a contract to buy a home is still April 30 and will get here sooner than we think. Give us a couple weekends of bad weather and it’ll be March before we know it and then we’ll be busy with spring type things and soon it will be April 15th and we’ll need to do our taxes and next thing you know we’re scrambing to find a home to buy the last couple weeks of April. I encourage you, that if you’re in the market for a home under the tax credit don’t wait. I know you read about the availability of homes on the market but a lot of them are not in excatly “live-in” condition. If you think you’re going to buy a short sale or foreclosure between now and the end of April unless you’ve had it under contract for about 6 months right now it will not happen. Note- I did not say it probably will not happen – I said it will not happen. You cannot at this stage get a contract on a bank owned or short sale and get it ratified by April 30, 2010. You can talk to anybody that has tried to do it and you’ll find I’m telling you the truth.
Remember, you second time buyers also get a tax credit also but only for $ 6,500. Really, that’s a great deal. I didn’t get a tax credit when I bought my last home. This warning holds true for you in finding a home. You need to start ASAP. You also need to deal with selling you current home. Don’t think it can’t be done either. I know a guy who recently decided to put his home on the market and sold it in 10 days and then had to figure out where he was going to move because he heard all the things about the real estate market being slow so he didn’t really look- so get started and be persistent.
Good luck in you home searches.