With the first time and move-up buyer tax credit deadline quickly approaching, I think it is important to ask yourself is that the only reason I am buying a home right now? Yes, who wouldn’t want to take advantage of this great $8000 or $6,5000 give-away from the government? I think there are some other really great reasons to buy right NOW.
Home prices are more affordable than ever. Interest rates are low. Homeownership give you a great sense of accomplishment. You become part of a community and neighborhood. You get to deduct the interest on your home loan on your taxes (my personal favorite). You can decorate and personalize the home to make it your own.
The tax credit requires buyers to be in contact for the purchase of home by April 30, 2010. That is about 45 days away. Then you have to close your transaction by June 30, 2010. That’s 60 days after the deadline. At this point it is less than 90 days total. Unfortunately if you are considering a short sale you may not make the closing deadline as many short sales can take 120 days or more. I say that if you find a home you love, make the offer. If you close in time for the tax credit – BONUS! Don’t make the mistake of rushing into a purchase just to get the tax credit and then realize you didn’t buy the home you really wanted.
