Remember: the 8000 tax credit doesn’t last forever – and unless Congress decides to extend it, the current 8000 tax credit for new home buyers will end on December 1, 2009.
This means if you have thought about buying a home but have been on the fence, it is time to get off and get busy. The process of buying a home doesn’t happen in one day – buying a home takes time. First, you have to find the right Realtor to help you find the right home. Then you have to negotiate for a sales price and finally, you have to get through the loan process (which is more difficult than ever, but still possible!).
If you think that you have “plenty of time” here are three things to consider:
- Due to current market conditions, in many parts of California, houses in the sub-$300k range are getting multiple offers – which means you may need to “bid” on multiple properties before “winning” one.
- It “normally” takes 30 days to get your financing arranged once you have a sales contract.
- According to the IRS, you must actually close on the home home for it to be considered occupied and qualified for the credit.
Will the 8000 tax credit be extended? No one really knows, but maybe. However, it would not be wise to count on the 8000 tax credit getting extended – it will an act of congress — and we all know how easy that will be.
