The year 2009 is almost over. Just a few more weeks and the year 2010 is here. Are you looking to buy a new house want to take advantage of the existing tax credits quickly? If you are thinking about buying and closing on a home this year, now is the time to act quickly. Making an offer quickly is necessary if you want to get the government home buyer tax credit with your 2009 tax return. Otherwise you will have to wait one year to get the either $8,000 tax credit or the $6,500 tax credit.
Here is what you need to keep in mind:
1) Talk to your mortgage broker and make sure you are pre-approved and provide her with the latest income and financial statements
2) Work with your realtor. Schedule showings on houses and be prepared to make an offer fast.
3) Pre-visit houses and look at them from the outside. Use Google Maps and their satellite view to pre-classify houses.
4) Cut down on time, make a fair offer and be very pro-active. You do not have much time to get the entire process going.
5) Check with your mortgage broker for when the cutoff is to get a closing done this year. Keep in mind there is a fairly big holiday in December + we might see more snow storms that slow down the ability for inspections and appraisal and even showings
If you follow these recommendations and act fast to find your new home, you should be able to make it. Keep in mind the inventory in the $250,000 or lower range is small and the good houses will go very quickly now. I counted a few days ago and there were less than 50 houses on the market in Highlands Ranch. Castle Rock showed a similar ratio. We did leave foreclosures out of the mix due to the slower response times of the parties involved. We also only counted those for sale through a realtor. WeI would avoid “For sale by owner” objects at this point as those will see a slower process when it comes to closing a deal.
Interest rates are low. Take advantage of these times now and move into your new house soon. Here is an example of a house in Highlands Ranch that will most likely see an offer within days rather than weeks. These are the objects you should be looking at.