Tuesday, August 18, 2009

There's Still Time to Take Advantage of the First Time Homebuyer Tax Credit

There's still time to take advantage of the first time home buyer tax credit. The deadline is November 30, 2009. Interest rates continue to be at all time lows. See the article below for more information.

Real estate professionals report that first-time home buyers are flooding the sale market, pressed to finalize a deal before the federal government's $8,000 tax credit offer expires on Nov. 30.

Because mortgage approvals, residential inspections, and other steps in the buying process typically take about two months, buyers hoping to take advantage of the incentive will need to have a contract by the end of September.

The new flurry of activity now as house-hunters try to meet the deadline is triggering bidding wars and energizing the property market, which historically is slow at the end of summer. As a result, more homes are getting their full asking price.

Source: Chicago Tribune, Kathleen Lynn (08/14/09)

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