The $8,000 first-time homebuyer tax credit will expire on April 30, 2010. This means that all potential first-time homebuyers, or buyers that have not owned a primary residence for the past 5 years, must have an executed purchase agreement in place by April 30,2010 and close at the end of June.
Buyers are NOT looking for short sales, as these homes will most likely not be able to close before the end of June. As a result, potential home sellers should get off of the fence and list their homes on the market for sale, as buyers are willing to pay a premium in order to receive the $8,000 tax credit.
Many of our clients, both buyers and sellers, are asking if we feel that the first-time home buyer tax credit will be extended again. I recently wrote an article addressing entitled: Should Homebuyer Tax Credit Be Extended Again?
We would be surprised if the government extended the $8,000 first time homebuyer tax credit based on the information provided to the real estate community. But, even if the tax credit is extended, FHA guidelines will tighten making now the best time to buy or sell real estate!
To stay updated with all of the current Parkland real estate home information, receive our blog posts directly to your inbox by subscribing to the squawk.
If you are interested in buying or selling a real estate property in Parkland, please give the Parkland Real Eestate Team a call at 954-609-0591 or send a note to the squawk.