The passing of time

Time.  Where does it go? We never seem to have enough of it… We typically wonder if the time is “right”… and for some of us, time is beginning to run out.

Tax credit for first time home buyers – In order to qualify for the $8,000 tax credit, the home must be purchased before December 1, 2009 – which means November 30th. 

You may be thinking “there is still plenty of time.” While there are still 10 weeks remaining, if you haven’t started the process, it’s enough time, but not a lot of time to spare.

Think about it… You’ll need to find a realtor. Then find the time to start looking at homes for sale. After looking at several homes, you’ll make an offer AND wait for the offer to be accepted.  Then you will need to apply and get approved for a loan.  Finally, after all of that, you are ready to buy the home.

Typically the entire process can take somewhere between 6-8 weeks.  Whew, two weeks to spare! However, remember there is a major holiday that will limit the number of closing times available at the end of November. 

Oh, don’t forget about fence sitters who will make the move to buy a home.  Now all of the sudden realtors are busier than normal, closing attorneys are booked, and lender underwriting times may be longer than normal.

The moral of the story – plan on closing at the beginning or middle of November to be sure not to miss out on the tax credit.

Refinancing a home – Rates are at historical lows.  As of this post, a 30 year fixed rate is under 5% and a 15 year fixed rate is in the low 4’s.  That being said, rates won’t stay there forever.  Don’t believe me? Remember late May of this year when rates went from the mid 4’s to almost 6% in about two weeks?

I don’t know when rates will go up, but they will at some point.  If you are thinking about refinancing your home, let’s talk now and see if it makes sense so you don’t miss out.

sand clock

Time… we never seem to have enough of it and wonder if it is the “right” time.  If you are looking to buy a home and get the tax credit OR refinance your existing home, now is the time! I’d enjoy the opportunity to speak with you about your options.

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