First time home buyers beware

First Time Home Buyers Beware - You are running out of time.

Prices are down, sales are up and many first time home buyers are back and ready to purchase their first home. If you are a first time home buyer you don't want to wait too much longer because the deadline for the $8,000 first time home buyers tax credit is approaching soon. This tax incentive is expiring on November 30th at 12 midnight. First time home buyers will have to complete the purchase of the property under contract before this deadline.

That means that first time home buyers will have to find a property AND be under contract before the end of September 2009. It takes 2 months on average to close a sale; mortgage approvals take longer, appraisals are also delayed under the new HVCC regulations that took affect on May 1, 2009 and properties for sale receive multiple offers often close to or more than list price.

First time home buyers: don't delay and wait until time is running out. Now is the time to look for your first home.

If I can help you find property or you need more information on this or other subjects please feel free to contact me.

Anja Kerstens