The fourth quarter of the year is generally a very slow one in real estate. The holidays keep everyone busy, and families don’t want the stress of moving over the holiday season – or in cold weather, in some parts of the country. This year may be different, according to experts, due to the extension and expansion of the first-time homebuyer tax credit.

Under the new terms, buyers must have a sale agreement in place by April 30th, and the credit is now also available to some qualifying repeat buyers as well. The tax credit is said to have contributed significantly to new home sales over the past year, and many experts think the extension/expansion will continue to provide a boost in the fourth quarter of this year.

First time buyers who didn’t have an opportunity to take advantage of the original tax credit, but wanted to, now have a chance to continue searching for their perfect home. An influx of repeat buyers may flood the market as well, and potential buyers aren’t going to want to waste any time. Repeat buyers are often in a better position to purchase a home, because they can often obtain funds for a down payment through the sale of their existing home. This potential influx would provide a much-needed boost to the recovering, yet still struggling, real estate industry.

New and repeat home buyers have just five months to find the perfect home. Idaho real estate has plenty of fabulous homes to choose from in a variety of price ranges to suit any budget. Idaho mortgage rates, in line with national rates, recently made news for hitting the 5.00% mark yet again, so it continues to be affordable to borrow money under the current market conditions.

If you’re considering making a move, act quickly to take advantage of the expanded tax credit. It can take several months to find a home that you’re happy with, and new foreclosures continue to hit the market every day. Contact a lender from our network of Idaho mortgage lenders for a pre-approval and start your search today!

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