Clock May Be Ticking on the $8,000 Credit

Posted by Phil Boren on Monday, August 24th, 2009 at 7:06pm.

This is a gentle reminder that time may be running short for qualified home-buyers to find and close on a personal residence in time to claim the federal credit of up to $8,000. As it stands right now, buyers must close on their home by November 30, 2009 in order to be eligible. With all the new appraisal and lending requirements we've written about previously, it becomes pretty clear that you will likely need to have your new home under contract by November 1st in order to beat theat deadline.

Don't make the mistake of waiting too long; if you're eligible and plan to buy a home and claim this credit (not a tax deduction, a tax credit), time is of the essence. And, certain segments of our market are feeling the effects of buyers buying at the lower end of the market. In Longmont, for example, the market under say $250K has recently firmed up a bit as first-time buyers have felt a sense of urgency.

November may end up being somewhat of a mad rush to get deals closed - particularly at the end of the month. Our advice is to make to effort now, find the right place, and structure a deal that we know we can get closed prior to the deadline. Don't wait until the last minute! Contact us today and take advantage of great interest rates, favorable inventories, as well as this huge incentive.

Phil Boren
Direct: 303-441-5647
Email: pboren@remax.net
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