First Time Buyer Tax Credit Expiration Soon

Today as I sat in my office I listened to a co-worker constantly call his database of first time buyers, to make sure they were aware that the $8,000 federal tax credit ends at the end of November. He was very persistant in itterating that if they are planning on buying any time in the next six months, they are going to want to to it now.

For buyers, this means that if you want to take advantage of this program you really want to have your new home under contract by the middle of October. This gives you one month of house hunting and negotiating if you want to make sure you won't miss it.

For the overall real estate market, this means that December will likely be a really slow month for home sales. If all agents are as ambitious as my collegue, then there will be very few first time buyers in the market for December - April. We should see a spike in sales, especially starter homes, at the end of the year, but things will be really stagnant to start off 2010.

If you are trying to sell a home, price it aggressively now otherwise, if it doesn't make it through this current boom, it probably won't sell for quite a while.

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