August 12th, 2009 1:45 PM by Lisa Carey
Don't forget, in order to get the $8000 First Time Home Buyer Tax Credit, you must close BEFORE Dec. 1, 2009. It can take over a month to find just the right house. Then, plan on at least 3-4 weeks to complete the closing process of inspections, final loan application, appraisals, title work, etc. Any obstacles or challenges will make the process more lengthly. Ideally, buyers should have their potential home under contract well before mid October.
If you are planning on taking advantage of this federal benefit, now is the time to start looking before the final rush and push of buyers. First-timers are most often looking in the $100,000 to $200,000 range. Even in this market, the best homes in this price range go under contract quickly. Allow yourself a week or two to see everything on the market that meets your criteria - all the inventory on the shelf. If you don't find the right house, you'll need to wait for new inventory. Then, be sure to see any new listings quickly - you and your realtor will want to be the first ones in for a viewing. It is a balance . . . be sure to give yourself plenty of time to find the right house, but don't hesitate waiting for something better if the right one comes along.
Need help? I love working with first time home buyers! Call me at (850) 212-3083 or email at Lisa@CareyCottage.com