Much of this year’s real estate push can be attributed to the $8,000 first time homebuyer’s tax credit and other government incentives. The deadline to move into a home and take advantage of this offer is November 31, 2009, unless the deadline is extended, of course.
Like so many of us procrastinators, waiting until the last minute is standard operating procedure. But in this case, those who wait may miss out completely. Here why.
3 Reasons Why First Time Homebuyers Need to Act Fast
- Time to Close: Many don’t understand that about the quickest you can find a home, negotiate the contract, haggle over repairs, wait through the financing process and close on a home is 30 days. And that’s super fast! Most deals take longer with some much longer. Waiting to the last minute is a bad idea for such an important decision.
- Inventory Shortage: Inventory has been a high levels here for some time but as things are picking up these Louisville homes are being sold. Which are the first to go? You got it! The lower priced homes are being bought by these first time homebuyers so that particular portion of inventory is the smallest in our market. At the end of the day, you may not find a house you like enough to buy.
- Financing Dilemmas: Financing can be tricky for those with little or bad credit. Those who haven’t bought a home yet are less likely to have had time to build up their credit. These buyers need to allow for more time, not less, with the purchase of their home.
So the bottom line is… if you are a first time home buyer looking to buy a new Louisville home, you better start right now. Otherwise, there are a large number of reasons that you’ll be missing out— 8,000 reasons to be exact.
If you’d like my help, please contact me at 291-7406.