Friday, August 14, 2009

Time is running out on $8,000 First Time Buyer Tax Credit

Don't let the tax credit ride off without you!

The $8,000 First Time Buyers' Federal Tax Credit is on all my clients' minds and has been a topic of discussion for those viewing my homes for sale. Like students crowding the library at mid-terms, buyers are cramming the streets trying to find a home before the November 30th 2009 deadline. That means having an accepted contract by September 30th to be safe.

There are plenty of stories in the paper and on the web describing a spike in home buying activity. August is usually hot and slow. But folks seem to be buying the notion prices are leveling (especially in top tier neighborhoods like Lakeview, Lincoln Square, Lincoln Park, Old Town, Ravenswood etc...) and want to make a move now and take advantage of the tax credit, good prices and low mortgage interest rates.

I was showing one of my listings in Ravenswood today and the buyer's agent told me several units she had scheduled had gone under contract... I have bad news for her on my listing (a contract just came in at the time of writing).

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