Thursday, August 20, 2009

Time is Running Out

Since Congress passed the American Recovery and Reinvestment Act earlier this year, many would-be homeowners have seized the opportunity offered by the $8,000 first-time buyer tax credit. However, the ability to utilize this credit will not be available much longer.
To receive the tax credit, a first-time buyer must purchase and close on a principal residence before Dec. 1, 2009. Since closing on a home generally takes anywhere from 45-60 days, that leaves prospective buyers a little more than a month to take advantage of this financial opportunity.
"It's hard to imagine a better time than right now to be a first-time buyer," said Jim Weichert. "Mortgage rates and home prices are all favorable, recent economic news is encouraging and the government is providing a large financial incentive. If I was a first-time buyer I wouldn't let an opportunity like this slip through my fingers."

For more details Contact Smitha.
Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist and a Home Marketing Expert.. You can reach Smitha at: 973-953-7777 Mobile or 973-455-1900 Extension 122 (Office) or online at: or or