This is a great video put together by the WRA!!!

 http://www.youtube.com/watch?v=TaEpdMRu1Tg

I’m sure by now you’ve heard about the First Time Buyer Tax Credit that is available.  I wanted to pass along some information and insight that I recently got from a number of mortgage companies.  As you know, the deadline to receive the first time buyer tax credit is November 30, 2009.  That means if you close on your first home after that date, you do not qualify for the tax credit.  What you might not realize is the timing leading up to that closing date.  Of course, in November, deer hunting starts and there is the Thanksgiving holiday that comes into play.  So you really want to shoot for an early November closing date.

According to mortgage professionals, closings (specifically the financing) are starting to take longer and longer.  Some of this is due to additional scrutiny by the mortgage companies and some is due to the fact that they are processing more and more applications.  One lender told me that he is telling Realtors that it is going to take a minimum of 45 days (up from 30) to process a file.  That means that you would need to begin your loan process by the middle of October if you want to get it done by the end of November.  And if you look at the beginning of November for closing, you would need to start the loan application process at the beginning of October at the latest.

Of course, you can’t start the loan application until you have an accepted offer and you’ve gotten through the home inspection.  So add another 15 days or so on to the timeline.  

Before you can get an accepted offer though, you need to find a home.  Finding a home can take anywhere from a couple of days to a year or more.  With the tax credit, you obviously don’t have a full year to find a home.  Going backward from closing you’ve got 45 days for financing, 15 days for offer and negotiation which puts you at the beginning of September if you want to close at the beginning of November.  Whoa!!!  That’s now!

In summary, if you want to take advantage of the tax credit this year, you better get moving now!  This wasn’t meant to scare you or push you to do anything.  However, buyers, especially first time buyers, don’t realize how long the home buying process takes and I wanted to be sure you didn’t miss out on your chance to get up to $8,000 from the government.

You would think with all the attention that the stimulus programs have received that buyers would now understand the $8,000 first time buyer tax credit incentive.  Unfortunately, that appears to not be the case.  Here is 2 links to information videos produced by RE/MAX that shows the misperceptions about the credit and explains what it really is:

http://www.youtube.com/watch?v=tLqbFzM3o6E

http://www.youtube.com/watch?v=2leBqxcwhvI

The National Association of Realtors recently conducted a survey asking consumers about their perception of the housing market.  The following link explores and discusses the results of that survey:

 http://www.realtor.com/realestate-news/National-Homeownership-Survey-July2009.aspx

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Just Sold!  Congratulations on your first home.  I hope you have many happy years in it! 

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