The first-time homebuyer and repeat homebuyer tax credit extension are set to expire at the end of April. The deadline to be under contract for a first-time homebuyer or repeat homebuyer is April 30th and homebuyers are going to have to close on their home by June 30th.
Many homebuyers have been looking to buy a new home since mortgage rates have been low, home prices have dropped, and the first-time homebuyer and repeat homebuyer tax credits have been on the table as well. Many feel that, despite reports of the housing market not being fully recovered, now is a great time to buy a home since there are so many incentives to do so.
However, homeowners that are looking to use the first-time homebuyer or repeat homebuyer tax credit have to make quick work when it comes to getting under contract as the April deadline is fast approaching.
Many worry though that homebuyers are rushing in to the housing market since there seems to be a prime market for buyers looking for a good deal, so analysts are warning homebuyers not to be hasty. Getting an $8,000 first-time homebuyer tax credit or $6,500 repeat homebuyer tax credit is enticing, but homebuyers would do well to make sure they are on a firm financial standing before entering the housing market.