Not Much Time for New Yorkers to Get $8,000 Tax Credit

By
Real Estate Broker/Owner with J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY

The $8,000 first-time home buyers tax credit is going to go away after December 1, 2009. This means that if you are in New York and want to take advantage, you don't have much more than 60 days. 

"How can that be?" you might ask, since December 1 is almost 120 days away. 

Note that I said if you are in New York. New York, unlike many other states, takes far longer to close a real estate transaction, which means that if you wait until October 15 to buy a home you might not close until after December 1, which could cost you $8,000. Lawyers, lenders, title companies, underwriters, insurance, code issues, and a ton of other variables make the Empire State the Glacier State when it comes to timely closings. 

We are closing on a house in Connecticut in which the client had their offer accepted 3 weeks ago. That is Connecticut, and it is a cash purchase. If the sale thing were to occur in New York we could possibly still not be under contract. 

How much time do you really have? I'd say that to make sure you avoid a last minute delay, that you should make August THE month to get out there and find a home. You can go into September, but you are pushing it if you get too close to October. Remember, plenty of others are doing the same last minute thing and there will be delays from the backlog. 30 days is ample time to find a great house.

If you are in Westchester, Rockland, Putnam or Dutchess, I know of a really good firm to use! I have some excellent buyer agents right now who know how to advocate for their clients.  

Forewarned is forearmed. Get out there and find a house. You've got 8,000 good reasons to act soon. 

 

Search the MLS like an agent here. New York's Premier Short Sale REALTOR. Read my short sale bog here. See the New York Photo blog here. J. Philip Serves Briarcliff Manor, Ossining, the River Towns, Westchester County, and the bedroom counties of New York City.

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Topic:
Home Buying
Location:
New York Westchester County
Groups:
Hudson Valley Real Estate and Mortgage Professionals
I Love NY
New York Real Estate Agents and Associate Brokers
Rockland County NY
Westchester Real Estate Network (WREN)
Tags:
8
000 tax credit
first time home buyers
buying a new york home
buying a westchester home

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Rainmaker
659,962
Eileen Hsu
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

FANTASTIC post Phil, this post hope to make some buyers to act now!

Aug 04, 2009 07:36 PM #1
Rainer
178,939
Mark MacKenzie
Phoenix, AZ

It is going to be really interesting to see whether or not Congress is going to revamp or extend this piece of legislation.

Aug 04, 2009 08:02 PM #2
Rainmaker
468,836
Janice Roosevelt
Rory Burkhart Team, Keller Williams - West Chester, PA
OICP ABR, ePRO,Ecobroker

I really hope this post and others like it get those first-time home buyers moving. Carpe Diem!

Aug 20, 2009 11:38 AM #3
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Rainmaker
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J. Philip Faranda

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