$8,000 Tax Credit Ending Soon!
As the saying goes” all good things must come to an end”. Well, this is just a reminder that the $8,000 tax credit will be over before you know it. Just to review, according to the IRS you must settle by November 30,2009. Just to be 100% clear, to get the $8,000 you must be at the closing table signing on the dotted line by November 30th. This means you have to do a little backwards math to ensure you get your tax credit.
Here is what I would suggest, currently if you are a first time home buyer trying to buy a sub $300,000 house in the Leesburg, Ashburn, or just about anywhere in Loudoun County area you will have major competition. I would plan on at least a 60-day house search and at least 3 good offers (unless you still think this is a buyers market in which case plan on 8-10 offers and 3 buyer Realtors) before you win one. You must also take into consideration that it will take 30-45 days to close (if there are no issues). This time frame does not take into consideration Short Sales. If you are reading this and you want to buy a Short Sale you are most likely too late to take advantage of the Tax Credit!
So let’s review, we are now running into September add 60 days to find a home and another 30 days to close and you get November (give or take a day or two).
The only question now is are you ready to buy? If you are call or email me now and let’s get started!
Take Care,
Chuck
Many may not perceived it but it is actually the best time to purchase a new home because of the advantages it offers such as lower price, lower interest rates, tax savings, more choices etc. So instead of wasting money in renting a place, buying something that can be an equity is far more better option.
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