Potential home buyers who delay the purchase of a home have a lot to lose if they don’t make a move on finding their dream home by April 30,2010. The tax credit will be ending soon.
According the article in Money Magazine: “1st home buyer and move-up tax credits worth $8,000 and $6,500, respectively, will expire April 30, 2010. Buyers who qualify get a dollar-for-dollar reduction in taxes or a cash payment if they don’t pay enough taxes to cover the credit.
Other factors that should get the attention of buyers:
Low mortgage rates today! If the Federal Reserve stops buying mortgage-backed securities at the end of March 2010, 30-year rates will almost certainly rise to more than 6 percent.
Rising prices. About 30 percent of markets are already experiencing price increases. Prices are falling in 12 percent of markets, says Fiserv (but that only helps if you want to live there).”
Source: Money Magazine, Beth Braverman (03/02/2010)
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