Using the Tax Credit Extension to Your Advantage

So maybe you are bummed out that you didn't get to buy a house by November 30th to take advantage of the $8,000 tax credit. Now it's been extended (see my previous blog).

How can you take advantage of this extension NOW? 

November 9, 2009

You might think you've missed a golden opportunity, and have to wait until after the holidays to take advantage of this extended tax break. Traditionally, there is less appointments scheduled to show houses during the period between the middle of November and the middle of January, since most people are preparing for the holidays.  Depending on how snowy, icy, or cold it is afterwards, appointments may not pick up until the warmer weather closer to Spring. Thus, many people wait to put their home on the market until the Spring or take their home off the market for the holidays and re-list it again after winter.

There is a segment of the population that must move, due to relocation or family changes, and therefore buying showing appointments, buying, and selling does take places during the winter.

If you are looking to buy a home, this would be a great time to buy while everyone is out there holiday shopping.  This year, your gift to your family could be a new home.

For someone who needs to sell a house, this would be a great time to place it on the market as more and more buyers realize that there is an advantage to looking at homes before the Spring rush and they are competing with other buyers for your home.

Many buyers made offers on homes that will be settling at the end of this month to receive the $8,000 tax credit scheduled to end on November 30th.  At this point, most of the work that we Realtors are doing to get these folks ready for settlement can mostly be handled by phone calls and e-mail at this stage, so Realtors (especially me!) have time to  take you out and show you houses, or list your house on the market.

We have a lot of people to thank for getting Congress and the President to pass this legislation, starting with National Association of Realtors (NAR) President Charles McMillan, who has been working with Washington all year to get this credit extended, and all the lobbyists and Realtors who have communicated to their senators and congressman that these credits are needed for homebuyers and the economy.

Now let's go out there and buy a house!

Will Schirmer, RE/MAX Legacy, 215-822-4884 or 215-822-8200.