The deadline to receive the tax credit is December 1, 2009, which means that closings must take place by that date. Looking backwards, this means that offers to purchase and contracts should be in hand by the middle to end of October to ensure a closing by the deadline.
We have seen an increase in the number of first-time home buyers inquiring about the tax credit in recent weeks and expect that to continue through October. This tax credit has energized the purchase of new homes below $250,000, but homes in higher price categories continue to lag behind in sales. The full tax credit is available to buyers who haven’t owned a home in the past three years and whose income is less than $75,000 for single individuals and $150,000 for married couples.
For additional information on taking advantage of the tax credit, call us today!