First time Homebuyer Tax Credit Ending Soon!
With the real estate market going down and the number of foreclosures we have been seeing, many homebuyers have taken a wait and watch attitude. The ones that jumped in have reaped quite a few rewards, however. For one, there’s the fact that interest rates have been at historical low levels. For another, it’s that prices themselves have been lower than they have been in a long time. Affordability is here!
In spite of these changes however, some remain unconvinced that this might be just the time to look into that long put-off purchase of a home. If you’re one of those homebuyers that is still sitting on the fence, you might want to rethink your position. The first time homebuyer tax credit - yes, the much talked about $8,000 tax credit to first time homebuyers - is ending soon. December 1st, to be exact. And since many escrows are taking about 60 or even 90 days thanks to added paperwork, if you want to take advantage of this tax credit but are not actively working with one of our agents and looking for a home, you’re going to get left out.
For the purposes of this credit, if you have not owned a home in the last three years, you qualify as a first time homebuyer and the credit is $8,000 or 10% of purchase price. Remember this is not a tax deduction but a tax credit, which means it is refundable even if you have no tax liability. Got your attention? Then give us a call or drop us an email and get to looking for a home immediately! There are many homes to look at and our agents are some of the most hardworking in the real estate industry.
Good luck!
