Many first time home buyers and current homebuyers have already taken advantage of the extended tax credit, but the deadline for this unprecedented window of opportunity is quickly approaching. With the average home buying process taking about 60 days, buyers should be searching now. Meanwhile, sellers should have their properties on the market to comfortably meet the April 30th deadline to be under contract.
A first-time buyer, which includes anyone who hasn't owned a home in the past three years, may be eligible for up to an $8,000 credit on the purchase of a primary home. Current homeowners looking to move up or downsize to another primary residence may be eligible for up to a $6,500 credit.
The initial tax credit and recent extension were great news for the housing market and overall economy. Sales began to increase and the economy saw signs of recovery.
Some buyers received tax credit checks within a few weeks of filing their amended returns, enabling them to replenish savings for closing costs, make upgrades to their new homes or simply put away some extra cash.
This enormous opportunity still awaits buyers and sellers today. Coupled with historically low interest rates and unprecedented home affordability, it is an opportunity not to be missed, but time is of the essence.
If you or someone you know would like to discuss how to take full advantage of either tax credit before the April 30th deadline, or to discuss selling your home, I have the expertise to assist you.
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