The end is near.
The end of the $8000 tax credit (as it currently stands) is approaching and everyone who is considering taking advantage of it should be actively looking for a home in order to get it done by the deadline.
The $8000 tax credit program is scheduled for termination as of December 1, 2009 – which doesn’t leave as much time as you may think. I know, I know – you might be thinking “December is a long ways off – I can wait a while…” but consider this:
- Due to current market conditions, houses in the sub-$300k range are getting multiple offers – which means you may need to “bid” on multiple properties before “winning” one.
- It “normally” takes 30 days to get your financing arranged once you have a sales contract.
- According to the IRS, you must actually close on the home home for it to be considered occupied and qualified for the credit.
Will The 8000 Tax Credit Be Extended?
Yes. That is my official prediction. And now that I have said that, you must know that I am wrong about these things more than I am right.
So don’t take my word for it.
No one really knows whether or not the $8000 tax credit will be extended – but it will take an act of Congress to get it extended — so my best advice is that if you are even considering buying a home and taking advantage of the $8000 tax credit then don’t count on it being extended.
Act fast!
Thanks to Justin McHood for contributing to this article.