2009-2010: First-time homebuyer tax credit

In the land of homebuyers the first-time homebuyer tax credit can be at best confusing and cumbersome. I have been looking for ways to best explain the tax credit and here it is...



I hope this helps shed some light on your options.

How much can I afford?

This is the BIGGEST question every purchaser wants to know...But rarely listens.

The average purchaser will immediately begin looking at houses online, calling realtors to schedule showings, shopping online for beds and linens, and lastly using mortgage calculators to determine their possible mortgage.

There is no easy way to say it...this approach is WRONG!

In fact, the first step is for the purchaser to get preapproved before any home search begins.

I have heard every reason why the purchaser does not need to get a preapproval letter before looking at homes..."I just want to see what is out there before I commit" or "I don't want to give my personal information to someone."

These are all valid reasons for someone who is NOT serious about purchasing a home...or simply not educated about the homebuying process.

It is up to the realtor to educate the client on the importance of being preapproved before looking at homes. The simple answer is TIME.

Time is the most important asset in the real estate process: The realtor's time in searching for the perfect home and the purchaser's time in gathering the financial information to buy the home.

MAKE SURE YOUR REALTOR HAS YOUR BEST IN MIND...AND LISTEN!!

The First-time homebuyer tax credit...will it survive?

Without question the First-time homebuyer tax credit has done wonders to influence buyers to get involved in the real estate market.

Whether it's buyers looking for a deal or sellers trying not to lose their shirts. . .everyone is benefiting from this initiative which officially ends on December 1, 2009.

Now the question remains. . . "What NEXT?"

What is the biggest concern for first-time homebuyers today?

Purchasing your first home can be stressful and overwhelming?

There are many reasons why the homebuying process leaves much to decide ranging from mortgage loans to the color of the cabinets. When making these important decisions about location, schools, and PMI, the most important question that buyers ask in today's market is simply. . .

"Will I still have a job next month?"

That's RIGHT! Job security or lack there of...is the number 1 concern of today's homebuyers.

How do you move forward in purchasing a home with job insecurity?

ANSWER: PLAN AHEAD

Do you have reserves to pay your mortgage if you lose your job?