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Written by Patrick Powers, Cook and Zook Marketing Team
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Tuesday, 29 September 2009 00:00 |
 The tax credit for first-time home buyers is sneaking up to the November 30th deadline. There are only eleven weeks left to search for a home, sign a ratified contract, perform necessary inspections and settle on your new home. Typically, a normal transaction takes 30-40 days (the majority being the loan process). With this in mind, you want to have a ratified contract by November 1st if you want to claim your $8,000 check. Never has the government given such a great incentive to buy your first home. Tie this in with the historically low interest rates and depressed housing prices, you'll be hard pressed to see an opportunity like this again.
Within the past month, the National Association of Realtors® along with Congressmen and other associations have pushed to extend the $8,000 tax credit for an extra 6 to 12 months. Click here to watch a NAR Government Policy News Brief video urging the tax credit extension. While these proposals are gaining a little steam, no final decision is clear. Analysts think it could help anywhere from 1.1 million to 1.4 million people next year. Many people believe the housing market is on the rebound and there is no need for an extension while others feel the extension will only fuel a faster real estate recovery. Ultimately, the government needs to weigh its options to ensure that spending more money is a sound investment in the real estate market.
If you want to be certain to take advantage of the tax credit, start by getting pre-approved by one of our preferred lenders and give us a call. We look forward to helping you invest in your future!
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