For First Time Buyers, Timing is Everything
In comedy, music and rocket launches, timing is everything. The same can be said for the first time home buyer, particularly with deadlines for the $8,000 first time buyer tax credit looming. The New Home Council is currently emphasizing the importance of the first time new home buyer to the recovery of the new home industry and the economy as a whole. Our advice for anyone sitting on the fence, is now is the time to jump off that perch and enter the market for a new home. Mainline news has been sending messages of gloom and doom for many months now, but the truth of the matter is that in the Puget Sound region first time homebuyers account for as much as 40% of the area’s home sales.
Who is this elusive first time home buyer? It might be you, it might be your neighbor, it might be your son or daughter. With record low interest rates, and many programs offering low down payments, getting into that new home may be a lot easier than you think. Do you have a good job? Are you paying rent for a home or apartment? Do you have some savings or a generous relative? Have you established credit? These are all factors that point to the possibility of you owning your first new home.
If you visit www.firstnewhome.net you will find a selection of new homes and condominiums that start from as low as $150,000. Many are offered in the $200,000s and low- to mid-$300,000s. The key to getting into a new home is a simple as getting started.
Now, a word about timing. “Start your search this weekend,” is the advice from Mark Winningham, TeamBuilder JLS, and member of the New Home Council. “The next couple of weeks are critical in terms of meeting the deadlines for the $8,000 Federal tax credit. You should have a home selected before the end of October.” Winningham explains, “In order to meet the deadline for the tax credit the sale should be complete and into closing on or before the November 1st. This allows 30 days or more for the transaction to work its way through the process of appraisals, loan documentation and other steps necessary to hit the deadline and score your $8,000 tax credit.”
If you start this weekend, it should be easy. You’ll find a wide selection of new homes and condominiums in all parts of the region and any good new home site agent and member of the New Home Council will be able to walk a buyer through the entire process.
So what are you waiting for. Your first new home is waiting for you. Start your search at www.firstnewhome.net.
