Here are a couple of things to keep in mind if you plan to buy a house soon (or know someone who does). First, the deadline for the First Time Homebuyer Tax Incentive of $8,000 and the Repeat Homebuyer Tax Incentive of $6,500 is near. You’ve got to have your home purchase under contract by the end of this month, and have it closed by the end of June. The closing part is not likely to be a problem if you’re buying a resale home, but if you want a new home, it may have to be a completed or close-to-complete home. For more details on qualifications and dates for these incentives, click HERE.
Also, as expected, mortgage interest rates are starting to go up. According to Chris Ayer, a Lake Norman, NC area Coldwell Banker Mortgage rep, “Rates are about 0.500% higher in some cases than they were at the beginning of the year.” The Fed has ended a program that helped to keep rates low and they’re starting to react. The jury is still out on the question of private investment stepping in to take the Fed’s place, but I would not count on it anytime soon. Chris suggested a good article in Yahoo Finance about this situation. You can see it by clicking HERE.
Nothing focuses the mind like running out of time. I’d say it’s time to FOCUS, and let’s get those houses under contract! Call me if you need help on this.