Goodbye Tax Credit
So it has ended. The tax credit which spurred many first time homebuyers off the fence ended Friday at Midnight. It also got some people to jump at the idea of moving up which was great since the last round offered the $6500 credit for move-up buyers. There was such a flurry of activity as people tried to get an offer accepted by the deadline. Now those who managed to do so have until June 30th to get those transactions closed in order to qualify for the tex credit.
And those that waited assuming the credit would be extended are out of luck… but are they really? Prices are still awesome, at least here in the valley. The interest rate, while increasing, is still really low. Inventory, well there are houses and a lot of great ones at that. So there is no reason for buyers who could not get something under contract by the deadline to lament, sure the $8000 is gone, but the opportunity to buy at historic low prices is not. So if you missed the boat on the tax credit, don’t ignore that it still may be the right time for you to buy.
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