Springtime Homebuying Off To An Early Start

The homebuying season has been moved up this year! The springtime spurt in home buying does not seem to be waiting for the snow to melt this year as buyers scramble to meet an April 30 tax credit deadline.

The spring buying season typically takes off in March and runs through May. But buyers who want to claim this year's tax credit — up to $8,000 for first-time buyers and up to $6,500 for repeat buyers — aren't wasting any time. They must have signed purchase contracts by April 30 and they have to complete the deal by June 30.

So, what are some important things to keep in mind?
  1. First of all, be prepared for the amount of time it will take to close a deal. The average time it takes to get a home loan processed is about eight weeks now — two weeks more than it used to be, according to the National Association of Realtors. As we get closer to the deadline, loan processors could get very busy. Plan accordingly. Don't wait until the last minute.

  2. Sellers should be prepared to appeal to first-time home buyers, who still make up the majority of buyers. Keep in mind that many first-time home buyers need assistance with their home purchase (i.e. help with closing costs/downpayments, help with significant maintenance issues).

  3. Buyers should expect rising prices in some markets. As activity increases, prices could potentially begin to increase.

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