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Wednesday, May 27, 2009

4 Months and Counting

If you waited in 2008 and seriously looking in 2009 this might just be your big break. Realtors are busier than ever and I have seen bidding wars spur up. The bottom line is buyers know the opportunity is here but please don't wait long. As a wise man once said, "having no plan is a fool, having a plan with no action is a worse off fool."

Under the new stimulus plan, the incentives to buy are of the essence. The $8,000 tax credit ends on December 1st therefore with closings typically running 60-90 days September is the month where you should have your offers in and getting them accepted.

There is a buzz about a second stimulus plan that is being set in place for the creation of jobs. http://www.debtkid.com/2nd-second-stimulus-checks-could-be-coming-soon

Thursday, May 14, 2009

Why Havent You Offered Anything For That House!

the bottom line is most buyers are aware of the stimulus package for first time home buyers. Money is "cheap' now to borrow, in fact the lending rates have never been so low! First time home buyers are also temped with a generous tax credit of 8,000. But buyers must keep in mind that in order to benefit from this tax credit, their purchase must close by the end of November.

Most transactions average approx, 60 days to close. It is important to remember that you need to be under contract by the beginning of September or earlier to factor in a sefety net of time - in case YOUR home purchase needs more than 60 days. Inspection issues can add some time.

Properties involving the sellers bank (short sales) can take much longer to close, depending on the circumstances. So remember, it is not too soon to look for your first home.