Back to School (and Real Estate, hopefully!)
As I write this, the agents at our real estate office and I are beginning to wonder where everyone is. On the one hand, people seem to be back from their lazy summer days in July vacation, but on the other wherever they are, they’re not searching for homes. Hmmm… is it the back to school rush?
It isn’t just the website, however. It’s also roads, stores, public parks. There seems to be a lull in the air in general. Yesterday I went to the public library in our area and found a total of five cars in the parking lot. I thought it was closed. Where is everyone?
If you’re a potential homebuyer in today’s market and haven’t bought a home yet (or are not actively searching and making offers) you should be paying extra attention to your timeline if you’re interested in the first-time homebuyer credit. Remember that this credit of $8,000 or 10% of the total purchase price expires on December 1st of this year.
Many mistakenly assume that this means they need to be in escrow on December 1st, which just isn’t true. The rules are very clear - you need to have bought a home - which means - signed paperwork, have it recorded and closed - before December 1st, 2009. With escrows taking longer with additional details lately, you should shoot for a 45 - 60 day close. Which leaves you with barely enough time to find a home this month and get into escrow!
Also remember, this is a tax credit, not a tax deduction, which means you get it even if you have no tax liability to deduct it against.
So if you are in back to school mode but are also considering buying a home soon, give us a call. We’ll make it as easy as possible to shop for a home. There are still some REOs left, but even the owner occupied homes are priced affordably and are worth a look.
