MORRIS
Since
closing on a home typically takes between 45 to 60 days, buyers wishing to
claim the $8,000 tax credit will need to be under contract to purchase a home
within the next two weeks. Waiting any longer than that could jeopardize
their chances of receiving the large financial incentive that is currently
being provided to first-time buyers by the Federal government.
“First-time
buyers are seizing on one of the best buying opportunities in recent memory,”
said
Recent news
suggests many first-time home buyers have already seized on the favorable
buying market. The National Association of Realtors announced for the
first time since 2001, contract activity for pending home sales increased for
six straight months. Also, according to the U.S. Commerce Department, in
July, single-family home sales rose 9.6 percent and sales have increased a
total of 31.6 percent since January of this year.
To receive
the $8,000 tax credit, a first-time buyer must purchase and close on a
principal residence before Dec. 1, 2009. First-time buyers, as well those
who haven’t owned a home in more than three years, who purchase a home by
November 30, may be eligible to claim all or part of the tax credit based on
their income level. Congress will even allow individuals to still claim
the credit as part of their 2008 tax return if they file an amended tax return.
Individuals can also elect to receive the credit on their 2009 tax
return. As with any tax law, individuals should check with a tax advisor
to discuss any specifics regarding the use of this provision.
Weichert has nearly 18,000 sales
associates in approximately 500 company-owned and franchised sales offices in
key markets throughout the
###