Question: What is the main thing for first time home buyers to do right now?
Answer: Don’t procrastinate.
All first time home buyers should want to take advantage of the free $8,000 tax credit being furnished by the government. If you are in that group, my advice to you is to choose your house right now.
There has never been a time in US history when the government has given this kind of incentive for you to buy a house. What could they be telling you that you don’t already know… it’s time to stop paying rent and buy a home of your own.
Newsflash: The first time home buyers tax credit is coming to an end. This windfall will end on November 30th.
Here is the question to ask yourself… Is it possible to buy a house in the next two weeks and still close in time to collect the tax credit? When you consider the answer, I have a hint, it can take six weeks or more for the loan process to complete. That should tell you there are about 4 more weeks to find a house…. if you want the free money.
I have a prediction. There are a lot of buyers who are waiting and they are going to realize at the last minute that time is about to run out if they want the tax credit. As a result, there is going to be a scramble to find a house. One of two things, or maybe both things are going to happen.
The last minute competition is going to create a shortage of available houses.
The last minute competition is going to create a bidding war.
With either of these events, house prices are going to increase.
This is great news for home sellers. If you have considered selling your house it is time to get it on the market. There is about to be a flurry of activity.
I have some advice for home buyers… choose your house now and get it under contract to close by November 30th.
I have some advice for home sellers… get your house on the market.