First Time Homebuyers Beat the Rush

by Doug Jones on August 25, 2009

Are you serious?  A rush to buy a home in this market?

The $8000 first time homebuyer tax credit that was enacted earlier this year is set to expire December 1,  2009.  Just like the cash for clunkers program that ran out of money and popular cars, the $8000 federal tax credit will spur activity for first time homebuyers this fall in Denver Co and all over, and then be over.

 The average home purchase takes around 30 days just to finalize- if everything goes smoothly.  Since lending rules have changed, we are seeing many loans and appraisals taking much, much longer.  Now, add to that, because many first time homebuyers are looking for weeks, if not months to find that perfect home.  That means by October the selection of homes for first time buyers is going to get really picked over.  By the first of November, the availability of nice, clean homes is going to get down right terrible. 

How do you avoid this?  Start now.  Interest rates are low and selection of homes is still good.  Why wait for the crowds?  Starting now, the lenders and inspectors are still available and will return your phone calls.  Try getting them to call you back when they are slammed in November. 

If you would like more information please contact me.  To see all of the homes for sale in the Denver area MLS/IDX, click here.

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