The $8,000 first-time home buyers tax credit is going to go away after December 1, 2009. This means that if you are in New York and want to take advantage, you don't have much more than 60 days.
"How can that be?" you might ask, since December 1 is almost 120 days away.
Note that I said if you are in New York. New York, unlike many other states, takes far longer to close a real estate transaction, which means that if you wait until October 15 to buy a home you might not close until after December 1, which could cost you $8,000. Lawyers, lenders, title companies, underwriters, insurance, code issues, and a ton of other variables make the Empire State the Glacier State when it comes to timely closings.
We are closing on a house in Connecticut in which the client had their offer accepted 3 weeks ago. That is Connecticut, and it is a cash purchase. If the sale thing were to occur in New York we could possibly still not be under contract.
How much time do you really have? I'd say that to make sure you avoid a last minute delay, that you should make August THE month to get out there and find a home. You can go into September, but you are pushing it if you get too close to October. Remember, plenty of others are doing the same last minute thing and there will be delays from the backlog. 30 days is ample time to find a great house.
If you are in Westchester, Rockland, Putnam or Dutchess, I know of a really good firm to use! I have some excellent buyer agents right now who know how to advocate for their clients.
Forewarned is forearmed. Get out there and find a house. You've got 8,000 good reasons to act soon.
Search the MLS like an agent here. New York's Premier Short Sale REALTOR. Read my short sale bog here. See the New York Photo blog here. J. Philip Serves Briarcliff Manor, Ossining, the River Towns, Westchester County, and the bedroom counties of New York City.
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FANTASTIC post Phil, this post hope to make some buyers to act now!
It is going to be really interesting to see whether or not Congress is going to revamp or extend this piece of legislation.
I really hope this post and others like it get those first-time home buyers moving. Carpe Diem!
I admit, I have not been on this real estate blog in a long time… however it was another joy to see it is such an important topic and ignored by so many, even professionals. I thank you to help making people more aware of possible issues. Great stuff as usual….
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