Oct

15

Long Island Real Estate Market: 45 Days Remaining For First-Time Tax Credit

Filed Under Buyers, Sellers |


Share

The Long Island real estate market is going to see a flood of hopeful buyers scrambling to close by November 30th, 2009. If you don’t know why that is, then call me immediately (631-587-1700, ext. 51). But most of you will know that the date of Nov. 30th, represents the final day a first-time buyer must close on their new home, in order to be eligible to receive the $8000 tax credit.

For sellers, the date of November 30th, 2009 should be a signal to get their price to a place where they will receive offers. This of course, varies on price range (most first-time buyers are purchasing homes with price tags of under $500,000 here on the Long Island real estate market).

Another item to keep in mind, as a buyer, is the final month of the tax credit eligibility is going to be an extremely busy month for banks, appraisal companies, title companies, and attorney’s, as they all rush to complete transaction tasks.

So if you’re a buyer in this market, as of today, there is a very good chance, that if you’re not in contract as of this week (10/12/09 - 10/16/09), you will not be able to receive the $8000 tax credit.

With regard to speculation as to whether or not the government is going to extend the tax credit, I simply say, that as of today (and the past 2 years), the tax credit ends November 30th, 2009. I am not one to speculate as to what the government is going to do or not going to do.

There may be actually very little reason to extend the tax credit, mainly because we are nearing a bottom, on a national level. Even if there’s still a leveling off period, say of 6 to 10 months of further slight declines as the market adjusts, that may not be enough reason for the government to continue such a program because the “problem” is curing itself.

From articles that I read, it is clear to me that even the experts don’t know exactly what to expect in the future. Read this article and see for yourself.

At the end of the day, if you’re a buyer who’s not in contract, rates are super low, they’re going to remain relatively low and prices are down 35% from peak here on the Long Island real estate market. Now is such a great time to buy and working with a buyer’s agent to get the “inside scoop” on property values is key. I welcome the opportunity to assist.

(c) Copyright 2009, www.tommcgiveron.com
By Thomas McGiveron, Licensed Real Estate Salesperson


Comments

Name (required)

Email (required)

Website

Speak your mind