Are you thinking about becoming a first-time home buyer? Maybe you’re tired of paying rent and enticed by the $8,000 first-time home buyer tax credit. The tax credit ends November 30th, so even if you’ve procrastinated a bit, it’s still not too late.
Timing is important for most first-time buyers today. For those who purchase a home this year, the tax credit is for 10% of the purchase price, up to $8,000. Those who have owned a home in the past three years aren’t eligible. Buyers also have to meet eligibility requirements regarding income; the current credit begins to phase out for singles who make more than $75,000 and couples who make more than $150,000.
“We’ve definitely seen an increase in buyers wanting to purchase prior to the November 30th deadline and receive the $8,000. It’s definitely motivation,” said local Smyrna Vinings Realtor, Aaron Hofmann.
Ensuring that you are able to close on your new home by November 30th, it’s imperative that you work with a local market expert who understands where the best deals can be found and which homes best meet your needs. The other critical aspect is to make sure you’re working with a lender and closing attorney that can properly handle your needs and prepare all the financing and closing documents in time.
Keller Williams Realty Cityside, Smyrna Vinings #1 real estate office, understands how critical this is. They expect a large surge in first-time home buyers leading up to the deadline and have ensured that additional resources are available to meet the consumer demand.
Thanksgiving may also throw a crimper into the schedule as well. So the earlier that you can close in November, the better off you will be. So be sure to plan accordingly. One of the best things you can do to prepare, is to meet one-on-one with a local Smyrna Vinings Realtor for a first-time homebuyer seminar and work with a local lender to get fully pre-approved. Both of these steps will save hours and hours from the process and ensure a successful transaction.
Most first-time homebuyers tend to purchase in the $300s or below. To simplify things a bit, we’ve provided Smyrna Vinings homes for sale right now so you can see what is available.
Of course, buying a home has to be the right decision. The purpose of the Keller Williams first-time home buyer seminar is to help you understand the process, the costs, which will allow you to make an informed decision. It’s important to understand how much down payment you will need, closing costs and other ancillary expenses.
But without a doubt, it’s a great time to be a first-time home buyer. Home prices are down, interest rates are phenomenal and throw in the $8,000 tax credit. In fact, the biggest concern lurking for home buyers is positive economic news. What’s good for the economy is not good for mortgage interest rates, which are expecting to increase over the next 12 months. A 1% increase rates will have a big impact on affordability.
The National Association of Realtors estimates that about 1.8 million to 2 million first-time buyers will take advantage of the tax credit this year.
If you’re thinking about buying a home, take the first step and contact us for a complimentary first-time home buyer seminar.
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