Yes, time is running out for the $8,000 first time home buyer credit!
This economic stimulus plan for the nation’s real estate market has certainly been appreciated by people people, like me. Not to sound selfish, but any real estate agent will tell you that there are clients who have been “on the fence”, waiting for that magical moment when there will be a sign, or a dream that wakes them in the middle of the night, that beckons to them… right now is the right time to buy. Prices down, inventory up, interest rates down, and the tax credit incentive period is almost over. Who or what are you waiting for, Mr. Miyagi?
Today’s consumers don’t want to be rushed into anything, but it is time to ring a wake-up bell that there is fine print in the $8,000 tax credit. Fine print? It may just light a fire under anyone looking to purchase a “first home”.
To qualify, you need to purchase the house between January 1, 2009 and November 30, 2009. Also, to qualify as a”first-timer”, only meaning that you have not owned a home in the past three years.
Yes, you just read November 30th.
As I have mentioned before, as an active real estate agent I see these trends from the ground floor and my understanding of the fine-print is where my clients benefit from our relationship. Maybe $8,000 isn’t much to you, but it would certainly fix up a kitchen, buy some new carpet, or pay for some landscaping. And if you buy Energy Star appliances or heating and AC, then you probably will get an additional tax credit!