The federal government's $8000 tax credit for first time home buyers expires November 30. A buyer must have purchased a home by then, and most transactions take at least 30 days, so buyers really need to have that home under contract in October. That gives us just 3 months to find a home, write an offer, negotiate, and get that home mutual acceptance before November.
There have been proposals to extend the tax credit in congress, but nothing has taken hold yet. The theory I'm hearing is that the decision will be made at the last second, so buyers will have to jump on board now or take their chances down the road with the federal government.We're finding many buyers who qualify for the $8000 tax credit who aren't your traditional "first time buyers". Anyone who hasn't owned a home for the last 36 months qualifies, so we have repeat owners getting the credit now. Low prices and interest rates are making home ownership more attractive than ever.
First Time Buyer Tax Credit Details - Seattle Homes For Sale
Sam DeBord and Brian Wiegand - SeattleHome.com - Seattle Real Estate Brokers
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