Some facts about timing your home purchase.
1) The $8,000/$6,500 tax credit requires qualifying contracts to be ratified by April 30, 2010.
2) Not only must the buyer qualify for financing, the house must qualify for the mortgage as well.
3) Many homes currently in inventory in the Richmond area do not qualify for financing.
4) Currently in the Richmond area many homes are being offered as short sales.
5) Short sales are taking 45 days or more to get bank approval. 45 days from now will leave about a week to make an offer if the short sale is not approved.
6) Some of the best homes in our area are already getting multiple offers, costing time for those making insufficient offers.
The facts would seem to indicate that the sooner you start seriously looking for your new home, the more likely you are to be able to receive the tax credit. It’s available, you may as well get your share.
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