It seems like just yesterday we heard news of the extended and expanded homebuyers’ tax credit, and yet we are already approaching the deadline in less than 100 days.
If you’ve been thinking about purchasing a home, stop thinking and act now! To benefit from the tax credit, you must have your new home under contract by April 30th, and the transaction must close within 60 days after that date.
Read more to see why you should act now to benefit from the tax credit:
While we sit here in the cold, April 30th may seem far off, but the deadline is much sooner than it seems: Many buyers take months to locate a house they love, and after that, closing a transaction typically takes 45 to 60 days.
Many people are out there taking advantage of the tax credit, so be aware of the competition you’ll be facing in these final weeks. Those who are looking to purchase a moderately-priced home should work especially quickly, as the price range is very popular with all home buyers right now, and they tend to sell more quickly than higher-priced homes.
Judy Hearst, regional vice president of Coldwell Banker Residential Brokerage, advises agents, clients and customers to start the process now and take advantage of this opportunity where interest rates are at historic lows, and the inventory is on their side. “There’s never been a better time to buy,” Hearst says. “Buyers shouldn’t wait for another opportunity – this tax credit may not be extended again.”