Now may be the time to buy if you want to take advantage of the Home Buyer Tax Credit. Passed earlier this year as part of the economic stimulus package, the credit is good for up to $8,000, or 10% of the purchase price, and applies to people who have not owned a home in the previous three years. Unlike tax credits in the past, this tax credit doesn’t have to be repaid! But you’d better act soon if you want to take advantage of this historic federal incentive to purchase a home because the deadline is November 30th. And since it can take up to 90 days or more to find and close on a home, now is the time to start looking, expecially if you want to purchase a foreclosure or bank owned property. Those usually take much longer to close.
