The 2009 First Time Home Buy Tax Credit has fueled the housing market all year. New home buyers have been entering the housing market to take advantage of the home tax credit. But, if you have not purchased a house yet, you are running out of time.
The First Time Home Buy Tax Credit ends after November 30, 2009. That means that home buyers need to be in the closing process very quickly. If you are not under contract on your house soon, you will run out of time.
The United States Government has talked about extending the home tax credit, but you can't assume that this will be passed by Congress. Congress has a lot of items that they are dealing with, and it is not a certainty that the First Time Home Buy Tax Credit will be extended.
So, if you still are planning to buy a house this year and take advantage of the tax credit, make sure that you soon pull the trigger. I don't want you to miss out on taking advantage of the First Time Home Buy Tax Credit.
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{ 2 comments… read them below or add one }
Buying a home now just to get the tax credit may be a big mistake. There is no reason to believe that housing is at the bottom, and in fact housing prices may drop even lower. Couple that with the uncertainty of even being employed in today’s crumbling economy should give one reason to pause and consider the risk they are assuming by buying into the housing market now.
While I am not completely convinced that the problems in the housing market are over, I do believe that chances are good that we are at a bottom for now.
To help protect yourself from continued falling house prices, I think that people should follow the following advice:
1. Buy a house you can see yourself living in for at least 10 years. Prior to the most recent housing bubble, people got used to buying and selling homes quickly. If you keep a longer term horizon, you can sit through future housing price declines.
2. Save up for a 20% down payment. Believe it or not, people traditionally put 20% down when buying a house. If you give yourself an equity cushion of 20%, you can protect yourself from the crazy credit markets.