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Buying A Home – Get The Tax Credit November 17, 2009

Posted by Lisa Sabin in Real Estate, Tax Credit.

Home sales usually slow down this time of year, as people prepare for the Holidays.

However this winter could be different with the new expanded tax credit.  “We should see more interest in the fourth quarter, than we generally do because of the tax credit” according to Heather Fernandez, vice president of Trulia.com.

The new law extends the tax credit for first time buyers and opens it up to existing home owners.  The tax credit is $8,000 for first-time buyers and $6,500 for repeat buyers.  Contracts must be written by April 30th.  Closing must occur  by July 1st.

Here are some tips:

Dont Procrastinate

Begin your house search now.  You’ll have a better chance of finding the right youse.

Get Pre-Approved

Meet with a lender to determine what you can afford.

Don’t Count On Another Extension

The tax credit won’t be available forever.  There probably won’t be an extension.

Pay Attention To Interest Rates

Interest rates are low now, but likely to rise next year.  Higher rates will affect mortage payments and decrease your buying power.

Consult A Professional

Contact a real estate agent and get the ball rolling.

If you are thinking of buying a home, now is the time.  Home prices are good and interest rates are the lowest they’ve been in years.  Now is the perfect time to buy.



1. zealwithmark.wordpress.com - May 14, 2013

I like looking through a post that will make people
think. Also, thanks for allowing me to comment!

2. Caitlin F. Clayton - January 7, 2017

Excellent post.Ne’er knew this, thanks for letting me know.

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