$7,500 tax credit for First-time Home Buyers will EXPIRE....

Please see $8,000 Tax Credit for First-time Home Buyers for the latest information on the Firsttime Home Buyer Tax Credit.  The posting below is no longer current:

$7,500 tax credit for First-time Home

Buyers will EXPIRE....

For any person that was thinking of buying their First Home, but has been standing on the sidelines: This may be the perfect time. Not only will the new homeowner take advantage of extremely low mortgage rates but, will be able to deduct mortgage interest, deduct PMI and will qualify for a $7,500 tax credit!

While we are still in the Winter months, the potential buyer will have significantly more negotiating power than when Spring arrives. When Spring does arrive, it will bring with it more Buyers (competition) to the market. This Spring could see more first-time buyers scrambling to find a home to take advantage of the $7,500.

To qualify the first time home buyer must settle on their home by June 30, 2009 (it expires July 1, 2009). Generally speaking, it takes 2 months from the start of the home search, to settlement (if home buyer finds what they are looking for quickly). Short sales and REOs take longer.

If a first-time home buyer wants to be sure they will qualify for the tax credit, they should start the process with their real estate agent before mid-April. This is usually a busy time in real estate, so my recommendation is to start the process this winter for reasons I mentioned above.

Grimly Foret
Direct: (302) 777-5987
RE/MAX of Wilmington
5307 Limestone Rd, Suite 100, Wilmington, DE 19808 - Office: 302-234-2500
Grimly.NET
Residential & Investment Real Estate

FAQ: What is the best way to find a real estate agent?
GF: There are many skilled agents out there. You're going to want someone that not only knows your local market but also has the necessary skills to negotiate the best deal for you.

I recommend that you find your real estate professional through a trusted friend or family member that had a good experience. If you are looking to buy or sell outside of Delaware, I could also refer you to a qualified real estate professional.