First-Time Home Buyer

FIRST CAR: THERE'S A FIRST TIME FOR EVERYTHING. IS IT TIME FOR YOUR FIRST NEW HOME?

By The New Home Council

“There’s no time like the present”, “time’s a wastin’”, what are you waiting for?”, “time is of the essence”.  There are a lot of ways to say hurry up and do something, and the message from the new home industry is loud and clear.  If someone wants in on $8,000 stimulus cash in the form of a First Time Buyer tax credit, now is the time to act. The official deadline to close a sale on a new home and qualify for an $8,000 stimulus bonus is November 30, 2009. As of now there is no reason to believe this offer will be extended by the goverment. While the end of November may see like a long way off, the real deadline to act is now. The reality is that it takes a minimum of four to six weeks to close a sale on a new home. This time is needed for the buyer to receive approval and verification from a lender, for the home to be appraised, which is taking much longer than usual because appraisers are being more careful. The lender and title company have to do title research and make sure all the paper work is in order.  Dialed-in, this is about fast as the process can go.

Working backward, the deadline for finding a new home, and having a Purchase and Sale Agreement accepted by the seller is between today and the end of October at the latest. Here’s some advice on how to make this happen.  Start or ramp-up a search today.  This allows from two to three weeks to find a home that fits, and from four to six weeks to get the paperwork through the system.  A good place to start a search is www.firstnewhome.net.  The New Home Council, a local association of new home marketing professionals, has assembled a large collection of new homes, condominiums and townhomes suited to the first time homebuyer. On the web site is information on pricing, special offers, locations, availability and financing. Links point to information on the $8,000 stimulus and tips for how to go about choosing a first new home.

A good way to narrow down a search is to give some thought to the neighborhoods that have the most appeal, then spend time visiting the models in person and getting to know the specialists who are on site to help explain the stimulus program and who can assist in meeting the deadline for obtaining the $8,000 in government stimulus money.

Currently there are dozens of homes priced from $150,000 to the mid- $300,000 that fit the budgets of most first time buyers shown at www.firstnewhome.net.

So, why wait?  Today’s the perfect day to buy a new home and grad up to an $8,000 stimulus tax credit.

www.firstnewhome.net

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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 1^st.  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.

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