The initial home buyer tax credit deadline is April 30th.
Does that mean you have to have closed a home purchase by April 30th?
No. What it means is that you have to have a signed, mutually agreed upon contract to purchase a home by April 30th and the home sale transaction must close by June 30th in order to qualify for the tax credit.
Does this mean you have time to wait?
No. If you are thinking of buying a home you should be shopping now. It takes time to find the right home and it can often take time to negotiate the deal. It is taking longer for homes sale transactions to close these days because of changes in lending laws related to disclosure and home value assessments.
In the past few months I have had several transactions experience delays due to these changes in lending laws. It would really be unfortunate to wait until the last minute and then miss out on the tax credit because the closing of your transaction had to be extended by a day or two and didn't close until July 1st or later.
Does the tax credit only apply to first time home buyers?
No, the tax credit has been expanded to include move up buyers as well. I have attached two documents that will help explain the tax credit and how it can be of benefit to you if you decide to act now and purchase a home. The first explains the purchase power of the tax credit and the second is a chart from the National Association of Realtors giving details on the tax credit, who qualifies and qualification criteria.
If you have additional questions or would like to begin your search for a new home please do not hesitate to contact me for a no obligation consultation.
John L. Scott Real Estate
Want to see what homes are available? Visit Noelle Blazevich at John L. Scott.com