The Baltimore Sun has a good overview of the homebuyer tax credit, including five tips you’ll want to read, starting with “Don’t procrastinate.”
Getting your search started now will give you a better chance of finding the right house before the credit deadline. When first-time buyers thought the credit would expire Nov. 30, people scrambled to find properties in September and October, said Pat Lashinsky, chief executive of real estate brokerage ZipRealty. In some cases, “there wasn’t inventory that fit people’s needs,” he said.
Another great tip is near the end: “Don’t take shortcuts.”
Don’t forgo any steps take just to make the tax-credit deadline. Make sure the house is a good fit for your needs and get a home inspection, Lashinsky said. Skipping steps could cost you in the long run.
If you’re thinking about pursuing the new $6,500 tax credit that is available to some current homeowners who buy another home, I recommend that you also read USA Today’s overview of “frequently asked questions.”