By now everyone has heard that this is probably one of the all time best times to purchase real estate.  Prices have come down significantly from their highs, Sellers are more than willing to negotiate on price and closing costs assistance for the Buyer.

If a home buyer finds a nice home and it’s not a “short sale” or outright foreclosure the chances are excellent that they’ll be able to get a great bargain and move into their home right away.

There’s an extra incentive for first time home buyers.  As part of the Housing and Economic Recovery Act of 2008 passed by Congress in the spring and signed into law, there is a $7,500 tax credit to all first time home buyers.  It doesn’t matter what type of house you buy.  It can be the regular, “plain vanilla” type purchase where the Seller can work with you on price and other concessions, it can be a house that is in a “short sale” or foreclosure situation.  In the case of this $7,500 tax credit, a home is a home is a home – condo, town house or single family home.

What’s The Catch?

Here’s the big catch: the tax credit is not going to last forever.  It will end on July 1, 2009.  That still gives first time home buyers a little time to find a home but….not forever.

Let’s see:  Low prices, low interest rates, Seller concessions…and a $7,500 tax credit.  Hmmmmm.

One of the loan officers I work with has put together a nice flier that explains all the ins and outs of the $7,500 tax credit. and you can download the flier if you – CLICK HERE

Thanks to a great loan officer – Rob Mercer of First Home Mortgage – for putting this together for me.