The Clock is Ticking on the Tax Credit

Since the tax credit was extended in November, we've observed the following:
- Business has been up slightly over the last year
- First time home buyers are active
- Move-up buyers are not yet active ... at least not now

From what we know, this is largely because they don't know about the tax credit or don't understand the importance of this recently expanded legislation. Our goal, through this blog and through any opportunity I receive, is to end - or at the very least, lessen - that trend.

We've been in this business for a long time and in that time, we honestly haven't een a better time to buy a home, nor move-up into a new home. The reason for this is what we call I.I.I.P.:

- Inventory: Although there are an overwhelming number of markets where inventory is down, and even with a decline inventory year over year, there are still plenty of homes on the market for buyers to choose from.
- Interest Rates: Mortgage rates remain at near historic lows. This means higher purchasing power for buyers.
- Incentives: Along with tax incentives, the U.S. government has provided further extension and expansion of the first time home buyer and now existing home buyer tax credit but it is slated to expire on April 30, 2010.
- Prices: Affordability remains at an all time record level nationally and in many of our local markets as well.

So knowing this, what can consumers do?

It's time to act. And act quickly. With the April 30, 2010 tax credit deadline approaching, move-up buyers and existing homeowners must act almost immediately if they are to be able to take advantage of the credit. In order to do so, homeowners must prepare their home for sale, list the property, get it sold and get it under contract - all before April 30, 2010. And, I might add, close on their new property by June 30. Anyone who has ever purchased a home knows how lengthy the process can be so if you're considering a move, now truly is the time.

For a FREE, NO OBLIGATION, home market analysis contact Diane and/or Doug Briggs, at 916-956-4912. http://www.dianeanddougbriggs.com/. Diane and Doug Briggs specialize in working with move-up buyers and first time home buyers in the Sacramento and surrounding areas including Elk Grove, Galt, Folsom, Fair Oaks and Carmichael.