We’ve been reading a lot lately about the $8000 tax credit for first time home buyers and how it’s affected the housing market – or not, depending on whose opinion you read – and the gist of most posts nowadays is how fast the deadline is approaching for people to take advantage of it. The credit expires on November 30th, 2009 (not December 1st as a few articles have stated), but that’s not the important date to remember. The BIG DATE is:
OCTOBER 16, 2009
Why, you say? Well, as we, and many other Realtors® and mortgage lenders, have been pointing out, November 30th is the day the closing on your home must be completed. And, since most closings lately have been taking anywhere from 30 to 45 days (not counting short sales and foreclosures), it would behoove the prudent first time home buyer to have a fully executed contract no later than October 16th, 45 days from November 30th. And that’s cutting it close, if you ask us. There are still all kinds of unforeseen circumstances that can throw a monkey wrench into the works: troublesome inspections, late appraisals, mortgage rate changes, etc. Any one of these can delay a closing so that it exceeds the November 30th expiration date. In our opinion, if you’re going to take advantage of this tax credit, the sooner you begin the process the better, and the earlier you can get your contract signed and all the red tape cleared up, the better.
If you have any questions about the credit and want to get the ball rolling towards home ownership now, give us a call. We’d be happy to help. You can reach us at (203) 672-4499. In closing, we’re putting a countdown clock in this post to help remind you of just how close the deadline is:
UPDATE: TIME’S UP!!!