Tampa Bay Real Estate | A True Sense of Urgency for First-Time Buyers

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Tampa Bay Real Estate | A True Sense of Urgency for First-Time Buyers

Posted at Tampa Florida Real Estate by Nibal Elsaadi

Oct. 15, 2009

Tagged with: 000 tax credit, 8, buying a house, federal tax credit, firsttime home buyer, florida, home buyer tax credit, house for sale, real estate market, si real estate

The deadline is quickly approaching for potential home buyers to complete their first-time home purchases in order to qualify for the $8,000 first-time home buyer tax credit. Buyers who are eager to take advantage of this government incentive have until November 30th to reach a successful closing on their new home.

The average home buying process typically takes 30 to 45 days from the contract date to closing. During that time, inspections must be conducted, the mortgage company must complete an appraisal and all financial documents are required. In order to meet the looming deadline for the tax credit, a home needs to be under contract not much later than October 25th in order to ensure enough time for the mortgage closing process.

It's important for people to recognize that the sooner they act, the better. Many first time buyers may not fully understand the time it takes to finalize all the elements of the buying process. In order to avoid additional complications that may slow the buying process, buyers should simultaneously organize all financing details when placing an offer on a home.

The real estate market in Tampa Bay has changed drastically for buyers seeking low priced properties. Tampa home buyers are competing with multiple offers and depleting inventory of aggressively priced homes. First-time home buyers need to be vigilant and ready to compete during these final days leading up to the end of October.

The combination of near historically low interest rates, favorable pricing, along with the $8,000 credit, makes buying now the deal of the century. If you have been considering home ownership, now is the time to act. Do not miss out on the unprecedented low prices and dramatically low interest rates.

The tax credit is for first-time home buyers only. For the tax credit program, the Internal Revenue Service defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase. Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

The IRS reports, so far, more than 1.4 million Americans have taken advantage of the tax incentive. Are you ready take the step towards home ownership?

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