Taking advantage of the stimulus tax credit before it expires
If you hope to take advantage of the $8,000 federal tax credit for first time home buyers, you need to close on your new home by Nov. 30, 2009. We at the Santa Clara County Association of REALTORS advise planning ahead to avoid the disappointment of disqualification.
“The nationwide popularity of this stimulus tax credit may very well trigger the great autumn home rush of 2009,” said Quincy Virgilio, President of the Santa Clara County Association of REALTORS . “To take advantage of the tax credit before it expires, we encourage consumers to take actions as soon as possible.”
Buying takes longer nowadays. With today’s tighter mortgage market, lenders are going to want to examine every mortgage application carefully. It may also take several weeks for property appraisers to schedule and complete their work.
Here are some tips to make your buying process enjoyable, not stressful:
Find a real estate agent whom you connect with.
Remember, there’s no “right” time to buy, just as there’s no perfect time to sell.
Accept that no house is ever perfect.
Negotiation is a part of the real estate process, but trying to “win” by getting an extra-low price or by refusing to budge on your offer may cost you the home you love.
Plan ahead. Presenting an offer contingent on several unresolved issues will make your bid much less attractive to sellers.
Budget for maintenance and repair costs. Even if you buy a new home, there will be costs. Don’t leave yourself short and let your home deteriorate.
Choose a home first because you love it; then think about appreciation.
Source: Santa Clara County Association of REALTORS