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First-Time Homebuyer Tax Credit


It’s safe to say that the word finally got out about this tax credit. It seemed like it took a couple of months after the program was announced, but first-time homebuyers have represented a very large part of the residential real estate business all summer.

The end of the program is closer than most imagine. It is well known that qualifying purchases must be closed by November 30. I talk to quite a few people, though, that aren’t anticipating the inevitable “last minute rush” near the end of November, or the fact that Thanksgiving will make one of those weeks short. I’m advising my clients to plan on closing no later than November 15.

With the new “wrinkles” that have been introduced into the mortgage business this year, I also prefer to think in terms of 40 to 45 days from contract to closing. I have closed several transactions much more quickly than that this summer, but with HVCC and HERA and very conservative underwriting there is almost always the possibility of a delay, and the IRS won’t care whose fault it is if closing doesn’t happen in time to qualify for the tax credit.

So … backing up from November 15, homebuyers who want this tax credit should plan to have their next home under contract by about October 1 — less than three weeks from today. If you haven’t started shopping yet, it’s time!

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About Bill Morris, Realtor

More than thirty years of business experience (high tech, client service, business organization and start-up, including many years in real estate) tell me that service is the key to success and I look forward to serving you. I represent both buyers and sellers throughout the Austin metropolitan area, which means first-hand market knowledge is brought to bear on serving your needs: -- Seller Representation is a comprehensive process that begins with thorough market analysis and consultation, continues with properly staging the home to achieve the highest price possible in a reasonable time on market, a complete program of marketing and promotion, ongoing updates and communication, closing coordination, and follow-up throughout (and after) the sale. -- Buyer Representation is also full service: shopping, previewing, price and market consultation, contracting, negotiating, coordination of inspections, appraisals, repairs, and closing details, and follow-up beyond the closing of your purchase to ensure your lasting satisfaction. Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game. I go the extra mile to help you achieve your goals. That's why I constantly research the market and property values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative advertising and marketing techniques to attract potential buyers.

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