The Opportunity to Buy a Home May Never Be Better
There may never be a better time to buy a home!
This may be the best time in a lifetime to buy a home. There are plenty of homes available in most markets at affordable prices and interest rates still remain generationally low. Some markets are seeing that the value of homes are sometimes over the prices right now.
And to sweeten the pot, the $8,000 tax credit for qualified first time homebuyers and up to $6,500 for most other homebuyers that qualify, is still on the table until April 30th. This money does NOT have to be repaid provided you live in the home for at least 3 years.
REALTORS® are encouraging buyers to get off the fence now to avoid the rush closer to April 30th. As that date approaches mortgage lenders and title companies are going to be dealing with a larger number of files and processing delays can and most likely will occur. As it stands now most mortgage lenders are asking for at least a 45 day window to close a loan. That combined with issues that could arise from inspections and appraisals that require time to be resolved may also exclude some buyers that waited until April. For example what happens when a buyer executes a contract on a home with an inspection option period and the home has issues that the Seller won't pay for... Buyers may just find themselves starting over. The same goes for appraisals, if the home being purchased has an appraisal issue that cannot be resolved between the buyer and seller, the contract may fall apart. For these reasons and more, sooner is better than later.
To read more in depth information about the tax credit and its limitations and qualifications, please download the following information sheets:
RE/MAX Home Buyer Tax Credit Flyer
Home Buyer Tax Credit Issues Briefing
If you would like more information about the homebuyers tax credit or the process of buying a home, please feel free to contact Lorna Calder