2010 has arrived...and so the countdown to the expiration of the first-time homebuyer tax credit has begun! Many homebuyers tend to put their home searches on hold during the winter months and go into "hibernation mode"...but with the looming deadline for the $8,000 first-time homebuyer tax credit or the $6,500 repeat homebuyer tax credit, homebuyers can not afford to wait until the spring to renew their home searches!! In order to be eligible for the extended and expanded tax credit, a homebuyer must be under contract for their new home NO LATER THAN APRIL 30, 2010! Factor in a couple of months to find the home, and the time for homebuyers to start their search is....now!!!
This article from MSN Real Estate highlights the importance to start your search sooner, rather than later: http://realestate.msn.com/article.aspx?cp-documentid=22815497 (It also provides some great tips for homebuyers looking to take advantage of the tax credit.)
If you would like more information on the homebuyer tax credit, please visit: http://www.irs.gov/newsroom/article/0,,id=215791,00.html?portlet=7
Of course, if you are thinking of purchasing a home in the upcoming year, I would be more than happy to help you through the process! Please feel to call or e-mail me today with any of your Real Estate questions!
-Jamie Wright, REALTOR