Really. It’s going away. The $8,000 first time home buyer and the $6,500 repeat home tax credits will not longer be available after the end of April. So, set your clocks!
By “Tax Credit Two-Step”, I mean that you must have an accepted contract by April 30th, but you can close as late as June 30th.
If you want an accepted contract by April 30th, you need to start looking right away!! Prices are still historically low, but many people are out in force looking to cash in on this tax credit.
If you want to know more, have a look at this CNN article. As is par for the course for CNN on the real estate news, they are overly pessimistic, talking about huge price drops in Miami, for instance. (They’ve been projecting dire forecasts for a year now, which have not come true.)
But this article is useful in talking about how the tax credit will not be extended. Even the credit’s biggest proponent, Johnny Isakson, R-Ga., says he will not support the extension.
So, if you are thinking about it, now is the time to make it happen. Let’s dance! Contact me at firstname.lastname@example.org