First-time homebuyer’s credit ending soon

In the current housing market, buying a home is becoming a reality for many Americans, due to the low prices and low interest rates.  Also, the first time homebuyers credit is enticing people to grab the extra help in getting into a home.

Dallas and Danielle Maxwell of Myrtle Beach closed on their new home a week ago. They, along with their two kids and the family dog, couldn’t be happier.  “We wanted to buy a house for a long time,” said Dallas Maxwell.  “I considered it the big step I needed to make in putting the whole family together.“
   
The Maxwell’s wanted to jump into the housing market, but weren’t sure if they could swing home ownership.  However, the $8000 dollar first-time homebuyer’s credit helped push them through their new front door.  “I was not going to let that go,” said Maxwell. “I just couldn’t find myself letting $8000 dollars just go down the drain. I felt that we needed to make a purchase by then.“

Last year’s housing bust created a little anxiety among potential buyers.  But a saturated inventory and historically low interest rates created a welcoming housing market for buyers.
“Forget that you’re buying in prices from 2004, forget the interest rates are the lowest they’ve been in history,” said Rod Smith, Director of General Brokerage for Coldwell Banker Chicora. Forget that there’s a lot of inventory out there right now. $8000 dollars is a lot of money and if anybody is thinking about getting a house for the first time, they should definitely consider doing that.“

You need to move fast though. You must close on a home by November 30, 2009.  In order to qualify:

-You must have never owned a home or owned within the last three years.
-The home must be your primary residence
-And you must close by November 30th 2009.

So far, more than 1.4 million people took advantage of the credit. Check with an accountant for specific details.

For more information:  http://www.irs.gov/newsroom/article/0,,id=204671,00.html