What the New $8K Credit Up-front Is Likely To Do

What the New $8K Credit Up-front Is Likely To Do
(Sales must be finalized by Nov 30 to qualify!)

Most of you have already heard about the $8,000 tax credit that is currently being offered by the government to new homeowners or to those who haven’t owned a home in at least 3 years. The purpose of the credit is to boost the housing market and help the economy. A combination of very low prices and this incentive have already helped us “turn the corner” in April. Sales and offers have increased dramatically, and, though prices remain low, they also stopped declining 4 months ago. The problem with the credit is that many people cannot access $8,000 up-front and wait until the following year for the credit. New legislation is making it possible for new homeowners to access the credit UP-FRONT. Though this opportunity is not ready just yet in FL, it is coming very soon. When it does, the loan market will be flooded with more new applicants than they can handle in a timely fashion! If you’ve been considering buying a home, but you’ve been waiting to apply for a loan- DO NOT WAIT! Apply NOW! Even if you don’t buy right away, it is simple enough to renew a pre-approval, instead of applying all over again. If your credit “isn’t ready,” it can be if you start right away. Most credit issues can be resolved in less than a year. The longer you wait to contact a professional, the longer it will take and the more opportunities you’ll be missing.

Lastly, if you don’t need the $8,000 up front or don’t qualify for the credit, but you’ve been considering buying, please understand that you will have many other buyers with which to compete if you wait until the up-front goes into effect – MANY more- and it’s likely to go into effect within a month. You have a much better chance of getting the best deal before that happens. In the current state of our economy, it’s not likely that we’ll see prices make a big jump up any time soon; however, we are already seeing selection and inventory go down, and even an increase of $20K can make a difference in the affordability of a home. Everyone who knows me understands that I’m far from a pushy salesperson, but I want to be sure that everyone understands what’s going on in this market. This is literally a once-in-a-lifetime kind of a market. Do not lose the opportunity!