The Home Buying Tax Credit-Don’t Hit The Panic Button

The Federal home buying tax credit is set to expire soon.  One must have a valid contract by April 30th and must close by the end of June.  Let me make this very clear.  Don’t Panic.  In fact, the last thing that you want to do is to rush into a purchase that you don’t believe in.  Although the tax credit is $8,000 or $6,500 for qualifying taxpayers, it makes no sense whatsoever  to rush your purchase.  John Wooden once said, “be quick, but not in a hurry”.  If you want the credit before it expires, it can be done; just don’t rush.  Here a few suggestions if want to find the right place in the next few weeks:

1.   Identify your top three neighborhoods.
2.  Make a list of the characteristics that are most important to you (ie…fireplace, concierge, 2 parking stalls ect…)
3.  Have you real estate broker on your speed dial.  Make scheduled appointments throughout the week to see 4-5 homes/condos at a time.
4.  With buildings on your list that you don’t know, drive by them and make sure you are ok with the neighborhood.  This saves a lot of time.
5.  When you identify your top three homes follow my instructions from a previous post “Buying Real Estate-The Right Way” refer to #5.

For a few other references to making the most out of your purchase, you can always read through these previous posts as well:

10 Questions A Buyer Should Ask

Remove Emotion-Add Strategy

Should I Use A Buyers Agent

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