YIKES!      We don’t have much time!

Most first time home buyers started the process earlier this year, hoping to find the perfect home and receive the $8000 tax  credit.  Many have found that perfect home, a few are still looking, and there are still questions about the tax credit, who qualifies and how does it work?

For first time home buyers (someone who has not had a mortgage for the past 3 years) your time is running out.  Right now it takes approximately 6 weeks after the time the offer was written to get it closed.  You need to be closed by November 30, 2009 to receive the credit.  The six week time period works providing the house passes inspection, the appraisal comes in okay the first time (which sometimes happens), and that all the requirement by the lender are made as early in the process as possible (lending rules are changing daily and your mortgage banker/broker needs to be good).

First, do you qualify to be a first time home buyer?  Check out the requirements here.

Second, be realistic about what you want, and know that if you are getting 80% of what you want, you like the home and you can see yourself in it for a minimum of 3 years, you should go for it!  We are at rock bottom prices, the prices range under $250,000 doesn’t have a lot of inventory so prices will start to rise and the interest rates are so low (today it was 5.18%), it increases your buying power, which we may not for long.

Third, realize that our inventory is low. Bank Owned and Short Sales properties are not able to respond quickly enough for us to close by November 30, so when we take these out of the picture we don’t have much to choose from.  The best properties are receiving offers on the first day.  Last Wednesday I searched specifically four different areas under $230,000 and out of 400 + properties, I found 20 “good” ones to look at (and I was really stretching the meaning of good for my clients parameters).  More come on the market every day, don’t sit back and watch this opportunity pass you by, let me know how I can help you or someone you know.