I truly think that the tax credits offered for both FIRST TIME HOME BUYERS and the addition of the 6500$ tax break for other qualified home sellers may be the best deal we have seen in a long time.
It might be one of the the best times in history to buy your first home, or in my case- a different home.
In fact- I am personally preparing to sell my home and buy a different one BEFORE April 30th 2010* because I think this deal is to good to pass up.
The American Dream of home ownership: Is 2010 the time for YOU to BUY A HOME?
Here is the latest info on the TAX CREDITS:
- It Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010. (must CLOSE no later than July 1st 2010)
- It also Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30*, 2010.
TIME FRAME:
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010* to close.
So if you or your clients are considering taking advantage of these credits... READY SET GO! It is time to plan NOW!
Here are some things you need to accomplish in January:
- Choose a GOOD lender (ask trusted friends, family and your Realtor for recommendations)
- Become pre-approved for the right price range and loan type
- stay on top of your CREDIT SCORE
- Save your down payment monies $$$ (Do you have a downpayment?)
- Choose a good Realtor who can help you through the 3-6 month process (a good agent will conduct a buyer interview prior to showing you homes, and require a pre-approval letter from your lender)
- Formulate your wants and needs list for a home
by Feb.March 2010
- By this time you should be HOUSE SHOPPING! Whoo Hoo!
March/April: Make SURE you are in the offer writing stage by the BEGINNING of April, so things can be settled and sealed long before the DEADLINE OF APRIL 30TH.
Choose a closing date comfortably before July 1st 2010. NOTE: Closings can be DELAYED for a NUMBER of reasons. As a first time home buyer, you might not know there could be issues like:
- Bank approval delays (short sales)
- Title issues that need to be cleared up
- Illness of one of the parties
- Lenders DELAY closings ALL THE TIME for a lot of reasons. Some warranted, some because they didn't start processing the loan till the week before closing. ( the list goes on...)
- Underwriting delays
- I had a buyer DIE in the middle of a transaction this past year...so planning AHEAD is key for a smooth closing
Just to name a few! So what is my point?
TIME IS OF THE ESSENCE, and the time is NOW if you want to go at a good pace. There will most likely be several people trying to cram in their buying process in late Spring, and staying ahead of the game will mean a less stressful home buying adventure.
Don't be a slacker... all of these things take TIME so PLAN AHEAD!, You don't want to be one of the poeple who say" Maybe I should have purchased a home back in 2010!
MAKE IT HAPPEN!
www.BethAnnHomes.com
www.justsoldinspokane.com
Spokane Homes for sale
First time home buyers Spokane
South Hill Realtor
BethAnn Long ~ Spokane Realtor- Coldwell Banker Tomlinson South Inc.
509-362-4607
...there's no place like your home!
