Editor, On behalf of the Hinesville Area Board of Realtors, I am writing to inform the public of a looming deadline regarding the $8,000 federal housing tax credit for first-time homebuyers. As most people know, the American Recovery and Reinvestment Act of 2009 introduced a landmark benefit for first-time homebuyers. This benefit has helped spur activity within the residential real estate sector, which is considered by many to be an important part of the foundation of our economy. The legislation has also helped nearly 1.8 million Americans take the first step toward building financial security by purchasing their first homes this year. By conservative estimates, approximately 280 buyers have taken advantage of the offer in Liberty County alone.
Perhaps the most important stipulation of the credit is that, in order to qualify, a taxpayer must purchase and complete closing on the property before Dec. 1. At first glance, most homebuyers would think that this means they have another month and a half to purchase, but consider the fact that most real estate transactions in our area require 30-45 days to go from contract to closing. This means most homebuyers (who are financing the purchase of their home with a mortgage) have only until Nov. 1 to actually initiate a qualifying real estate transaction.
Of course, as with any large financial decision, there are many other factors to consider in determining whether you are ready to take on home ownership, but for those of you who have already made the decision that you are financially prepared and ready to make a move, now is the time.
For more information on the tax credit or for answers to questions regarding the incentive, you can contact any realtor or go to www.FederalHousingTaxCredit.com.