Buy a House Fast

Have you heard about the new amendment made to the Worker, Home Ownership, and Business Assistance Act of 2009?

Okay so I have good news and not-so-good news.

The good news:

If you or your spouse is a member of the military, from the Foreign Service or from the Intelligence Community, you can qualify for tax credit benefits all the way till April 30, 2011.

 
You’ve got a whole year to look for perfect homes and still get $8000 off as a tax credit if you’re a first time home buyer and $6,500 if you’re a repeat buyer.

The not-so-good news:

It’s only for the Military community and for certain federal employees. The reason why I wouldn’t call this bad news though is because we civilians can also smile, even if it’s ever so slightly. We still have time till tomorrow, April 30, to sign a contract and reach a closing by June 30 2010. If we do that, we can ALSO benefit from a tax credit of $8000.

Sigh! Agreed that writing about fictional characters can be interesting, but it would’ve been so much nicer if my husband was more of a military man! (Hey! Don’t look at me. I’m happy in the Real Estate business.)

But, if you or your spouse belongs to the armed forces, don’t rub your eyes in disbelief. One whole year and $8000 as a tax credit benefit – you can house hunt at your leisure!

Don’t want to waste time? You can start looking right away. And Express Realty Services can definitely be at your service. After selling over 700 houses in the DC Metro Area, I’d definitely say that this company is a trustworthy company you’d like to work with! Just call 1-877-9-EXPRESS (1-877-939-7377), and they’ll find a home that’s just perfect for you.

The sky is falling, the sky is falling!

So said Chicken Little, as he concluded an acorn fell on his head.  He convinced his friends he was right, and the group ran off to tell the king of the impending disaster.  They were tricked by a sly fox who directed them to his den, where he ate them all for lunch.

As the final days of the Home Buyer’s Tax Credit tick away, thousands of potential home owners are letting $6500 or $8000 slip away from them because they fear the sky is falling –or potentially could. Buying a home is a big commitment that requires careful planning, but if you are holding off on homeownership, are your reasons legitimate or are you acting a little like Chicken Little?  Are you so convinced that the worst case scenario will befall you that you are hesitant to make the move to get a house under contract by April 30?  Is something else going on?

How stable is your job? You may have honestly told the lender about your current finances but do you secretly fear a layoff or a change in income?

Do you fear too much debt? If you have been approved for more than you feel comfortable with, there is no requirement that you buy more house than you feel comfortable paying for.

If you are buying a home with a spouse or partner, do you want to be tied into a real estate deal with them? Buying real estate implies a level of commitment you might not want to make.

Are you afraid you will make a bad investment, given the last year or so of falling home prices?

If you take a look at things and determine that you aren’t ready to move, fine – there will still be homes available after April 30.  However, you can take some steps to assure yourself that you are making a good decision to buy:

Consider the whole picture.  Aside from credit, housing prices are low and so are interest rates.

Stay well below what the bank says you can afford.

Put as much down as you can, but not so much that you use all your reserves. Getting an FHA loan rather than a conventional one can help you preserve some cash for an emergency fund.

If you are concerned about your relationship, work with an attorney to set up the deal in a way that will preserve the interests of both of you.

Anticipate an exit strategy if you have to sell.

Chicken Little would have met a different fate had he assessed his circumstances accurately.  No one can predict the future, but you can ensure yours as a happy homeowner if you do.

Express Realty Services specializes in finding affordable homes for residents of DC, eastern Maryland, and northern Virginia.  Act now to take advantage of the Home Buyers Tax credit.  Just call us at 888-306-9450 or visit our website to chat with a representative about how to get started.