Only a few days left here in the housing market to get under contract by October 1 ( to get closed and qualify for the first time homebuyer tax credit).Â So if you can’t get the tax credit, do you still have reason to be in a hurry to buy?Â Well sure you do.Â You never know when the rates will start heading up and they are still low according to this recent report. Rates are down from this time a year ago.Â It is still a buyers market with seller’s and their agents having to be creative to get houses sold.Â Inventory is still plenty, giving sellers plenty of competition.
I can tell you that buyers are sweeping up the deals.Â I just had someone ask to see three homes this morning and all three were under contract.Â Another buyer isn’t moving fast enough and are being beat out by other buyers when the deals are there.Â Don’t think too hard or long if you see something you like.Â Chance are it is catching other buyer’s eyes too.
In past posts I have mentioned the tax credit, which if not extended will expire by November 30, 2009.Â This means your transaction must close by this date.Â Aside from the deadline, also mentioned was using the tax credit as part of your down payment.Â But who would actually loan you the money and wait for the up to $8,000 repayment by tax refund time?
PHFA (Pennsylvania Housing Finance Agency) has a program called Credit Advance Loan Program (TCA) that will loan you up to $6.000 for use towards a down payment according to Kate Newton, Director of Home-ownership Programs for PHFA.
Even if you miss the tax credit deadline.Â PHFA has some great programs out there for first time home buyers.Â Contact your loan officer to discuss.
Have you ever heard of an air conditioner in a door?Â I had not since I saw this listing over the weekend.Â There was one in the kitchen and one in the basement.Â The one in the basement did not even vent to the outside.Â The unit vented to a storage room.Â Interesting set up I must say.Â My buyers comment on the kitchen door unit was, that you had to leave the door open to use the unit because it was in the storm door . . . .??
Another oddity in the last few weeks was a garage (at another property).Â There was a garage that was behind the house.Â The house had a single integral one car garage in the front.Â But a few feet behind the house was the detached garage.Â Â Ok well that sounds somewhat normal you might think but not so.Â The garage door was facing the house only a few feet from the house.Â My question is how do you get the car in there???
The housing market is changing everyday.Â As things change a new approach is needed on how to proceed.Â It is a buyers market, or a sellers?Â How are the rates?Â When should I buy?Â What is the next step in the process . . . etc . . .
The days and hours are ticking away for the homebuyer tax credit.Â Have you pick a house?Â Activity is picking up fast.Â Keep in mind that you have to approximately October 1, 2009 to get a property under contract with a seller.Â Â Â It will take approximately 6-8 weeks to close.Â Â A homebuyer needs to close on their home by November 30, 2009 to qualify for the government homebuyer tax credit.Â Keep in mind there is a holiday in this window and loan officers will not be available during this time.Â The 6-8 week period is an average processing time as long as things go smoothly.Â So if you have your eye on that house or are sitting on the fence, jump off and get running.Â You have about two weeks left.