Tax Credit Clarification – It's not an Open Door!
The House and Senate have agreed and the President signed it – but just what does this new “extension” of the tax credit mean to you?
Unless you already have a purchase agreement in place as of the 30th of April, 2010 – this extension means absolutely NOTHING to you. This is only an extension of the time to get the above mentioned transactions closed. It is NOT an extension to buy property – only to close those that met the original deadline.
So you ask – what’s in it for me as a buyer today.?
The good news is there is still a lot of inventory in the Grand Rapids marketplace. This great selection with lots of it – usually means the supply and demand curve translates into prices which are really good.
In addition – the interest rates are so low they seem like a give-away. I heard last week of a fixed rate 15 year mortgage at 3.75% – and we are closing conventional and FHA mortgages at 4 – 5%. When the interest rates start their tick up – they traditionally do it quickly – so now is a great time to take advantage of these low rates.
Don’t be disouraged about missing out on the credit – be smart and take advantage of a great marketplace to buy – you’ll probably find out the savings in price and interest rates more than offset the $8,000 you could have saved with the tax credit.
Check with us for some great buys!