By Scott Lindsley
Wow. For those not in the real estate business or who don’t know a first-time buyer getting in line for a federal tax credit, there is a big push happening right now of people looking to make a purchase.
The deadline to get a property under contract and qualify is April 30, although prospective buyers have until June 30 to close. That April deadline seemed so far off last November when announced, but for many, it is looming.
If you are looking and haven’t found the right place yet, five weeks may just come a lot sooner than you think. Of the clients I’m working with, more than 75 percent qualify, and our searches are accelerating. We’re not frantic, not yet at least, but $6,500 to $8,000 is a lot to miss out on if you just can’t find the right place and miss by just a couple of weeks.
I know others are going through the same process, so I suspect the whole month of April will be a building crescendo of searches and offers. I bet I won’t have weekends off.
I read your article with much interest, but aside from anectdotal evidence, I did not read anything to support your argument that the tax credit is having a significant impact of new home sales. If you have any hard numbers (not what you hear or what’s being done in your office), I wish you would share them. Thanks.