The $8,000 tax credit from the federal government has a string attached that many people are not aware of - the home sale must be completed by November 30, 2009.
If you are a first time home buyer, or have not owned a home in 3 years, you are eligible to receive up to $8,000 in a tax credit. Newly passed provisions also allow for home buyers to apply the credit to closing costs, or to put down more money over and above the required 3.5% ( the tax credit cannot be used to supply the required 3.5% deposit, however)
With average sales taking between 30-60 days to complete, prospective Sarasota home buyers who want to apply for the credit should plan on being in a position to purchase a home by September at the latest. First steps?
1) Get pre-qualified with a reputable lender/brokerage
2) Contact a professional buyers agent who knows the area and inventory well
3) Restrict all other major purchases that might affect your credit
4) Start looking!
Sarasota has an amazing inventory of homes in every price range for the first time home buyer. With low interest rates, low prices, and now this credit, it may be the best time in years to buy a Sarasota home.
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