Today being March 10 means here are only 51 days left to get a home under contact and still qualify for the tax rebate for first time and move-up buyers.
The inventory of quality homes is dwindling, and there is a lot of activity in the market place. Time to get off the fence and get out looking for your new home.
Time is running out!
For prospective home buyers, any increase in interest rates erodes your purchasing power. In other words, a 1% increase in rate represents an approximate decline in purchasing power by 10%. For example, if rates increase by 1%, people who qualify for a $300,000 purchase price today may only qualify for a purchase price of $270,000 afterwards.
For those who qualify for the tax credit for first-time and repeat home buyers, another deadline also exists. The last day to obtain a contract to qualify is April 30th and closing must occur by the end of June. Miss either deadline and it could cost you up to $6,500 or $8,000, depending on eligibility.
No matter which way you look at it, waiting could cost you. Mortgage rates are still near the best levels we have ever seen. If you are in the position to move forward with obtaining a mortgage, the best decision would be to act sooner rather than later.