You came back?! Wow, I lost that bet - but glad you're here!
That’s right, the first-time home buyer credit has an expiration date, and it’s rapidly approaching.
My web designer doesn’t like it when I get real fancy and install too many things on this site, as I have a tendency to break things and make more work for everyone, but I did add a ticker to the right side of the blog a few days ago that I wanted to point out. It looks like this:
Hard to miss, right? It’s right there along the right side of the page, and it’ll keep dialing down until, well, we’ve run out of time.
I’ve said before I wouldn’t bet on the credit being extended, but I think I’m going to retract that. I’m betting it WILL be extended, in a revised form, as I think it’s hard to argue that it hasn’t gotten people moving on buying a home. What that credit will look like who knows, but I think it’s likely we’ll see First Time Buyer Credit 2.0 be announced in the next couple of months.
For the procrastinator’s out there – of which I am one, thank you very much – you’ve got over 100 days left to take advantage of the buyer credit … what’s the rush, right? Keep in mind that in order to find the right house, it’s gonna take some time – only once have I had buyers who bought the first house they saw. Once you’re under contract, expect that it’ll take 45-60 days (and with lenders tightening their wallets 60 might be more likely) to get to closing, so suddenly you’re looking at less than half the time currently remaining on the clock as of the time of this post.
Time is of the essence, so let’s get started.
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{ 2 comments }
So, I’m not too interested in a 1st time home buyer credit, I’ve actually got a good house, at a good price, and a great fixed interest rate. However, I’m exceptionally interested in finishing my completely unfinished basement. Is now a good time to start looking for home improvement loans, or should I just wait?
Ryan, I like that … “a great fixed interest rate.”
I’d suggest looking, starting first with the local bank you do business with, and then comparing with other local banks. They all want the business, and they shouldn’t mind competing. The locals have money to spend, particularly if it’s going to be to someone who’s in the home already. I’d encourage you to do it.
Let me know if you would like me to make some introductions for you, or get you in touch with some great contractors to bid.
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