Springtime house hunters out early thanks to tax credit20 Jan
Are you in the market for your first house? Well you are not alone. The extension of the Home Buyer Tax Credit is meaning that a lot of buyers are in the market RIGHT NOW! That means a lot of activity and a lot of deals being made prior to April 30th.
The springtime spurt in home buying may hit before the snow melts this year as buyers scramble to meet an April 30 tax credit deadline.
The spring buying season typically takes off in March and runs through May. But buyers who want to claim this year’s tax credit — up to $8,000 for first-time buyers and up to $6,500 for repeat buyers — must have signed purchase contracts by April 30. And they have to complete the deal by June 30.
“I expect the buying season will be moved up,” says Jim Gillespie, CEO of Coldwell Banker. Sales “are going to take off in February and March and really take off in April. … My concern is that the move-up buyer hasn’t thought what they need to do. Their window is really short. They have to coordinate closing dates.”
