August 28, 2009
First Time Home Buyer $8000 Tax Credit
Time is running short for first-time buyers to take advantage of the $8,000 tax credit authorized by the American Recovery and Reinvestment Act of 2009. Qualified buyers who purchase a principal residence between January 1 and December 1, 2009 are eligible, but the time to find a property, apply for the mortgage and navigate the closing process, can be a 60 to 90 day process emphasizing the necessity to move quickly.
We are finding that Lake Geneva area sellers have adjusted their expectations about selling price and local lenders continue to offer very attractive rates for qualified buyers. Reports indicate that property values in Walworth County rose 2.6% in the last year and while housing sales are lower than 2008, they are now declining at a slower pace. On the national level, new home sales rose nearly 10% in July, higher than government analysts predicted. The Dow Jones has shown a slow but steady rise and economists are pointing to signs that the economy may be recovering.
September 1, 2009 marks 90 days until the expiration of the tax credit. Buy your first new home before time runs out!
Check this link for more details about the first time buyer tax credit:
Posted by:
Janet Giovannetti
Tagged With:
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first time home buyer tax credit,
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