According to an ABC News article (http://abcnews.go.com/Business/time-homebuyer-tax-credit-deadline-nears-8000-credit/story?id=8584446), experts are saying that in order to take advantage of the $8,000 first-time homebuyer tax credit, you should be making an offer within the next three weeks. The official deadline is December 1st.
The deadline looms at eleven weeks away, which may seem like a long way off. But according to the author of this article, it can take that long or even longer to line up financing, inspections, and schedule closing. Unforeseen circumstances, such as a problem with the home inspection, can lead to further negotiations between buyer and seller, further slowing the process. It’s important not to bank on taking advantage of the tax credit if you’re doing so at the last minute!
If you’re like many first-time homebuyers, the $8,000 tax credit can be a lifesaver. If you don’t find the property you’re looking for in enough time, you may be forced to purchase a smaller property or give up some of the items on your wish list – or worse, hold off on making a purchase altogether.
Idaho real estate is an excellent investment, and there is no time better than the present with average prices down and Idaho mortgage rates at historic lows. Making a purchase in the Boise area could be an especially wise investment when the market corrects itself and home prices begin to rise again. With so many amenities in the area, it is likely to become a hot real estate market again, and you could be in a position to build some serious home equity.
Contact an Idaho mortgage loan specialist to find out what excellent loan programs are available for Idaho first-time homebuyers – then go out and find the home of your dreams!
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