How Can Buyers Eager To Get The Tax Credit Streamline Their Home Shopping?


Here are some suggestions:
1. Get to Know Your Market: Buyers can do that using Internet sites that permit you to see the homes currently on the market, and by finding a good real estate agent who is ready to expedite the shopping process. A capable agent can guide buyers through the home search process and save them a lot of time. New listings can be emailed to buyers as they are posted, and buyers should stay on top of the market on a daily basis, seeing what properties are coming onto the market and which ones have sold.

2. Line Up Your Financing:Talk to a reputable lender right away and go through the pre-approval process FIRST. Buyers need to know how much they can borrow. At today’s extremely low interest rates, that amount may be more than buyers imagined. Either way, the process will help buyers determine how much "spending power" they actually have.

3. Start Narrowing Your Search: With a large inventory of homes to choose from in this current market, buyers won’t have time to look at everything in their price range. By establishing specific criteria of the home they want, buyers can rule out homes that won’t fit their needs. Tell your real estate agent these  two criteria: Where do you want to live, and how much can you spend? When it comes to location, buyers should factor in their daily commute. Ideally, you can narrow you search to one or two communities quickly.

4.Separate Needs from Wants: Buyers can look at fewer homes if they can tell their agent what features the home they buy must have and what features would be nice but aren’t required. When it comes to must haves, start with the basics. How many bedrooms do you need? Will a two-car garage be sufficient, or do you need something larger? And don’t forget to consider the type of home. Are you interested only in a traditional two-story single-family detached dwelling, or would a ranch plan work just as well? 

5. Consider Condition: In today’s market, many of the best values are foreclosed homes that aren’t in perfect condition. Buyers should decide up front if they are willing to tackle a home that needs work, and if so, how much.Buyers often have a hard time articulating what they will accept when it comes to condition. Be upfront with your agent.

6. Keep Things in Perspective: As nice as it may be to get the tax credit, don’t let the desire to do so completely control your home search. Some buyers are quick to decide, and others aren’t. If you like to mull over important decisions, take the time you need. The tax credit is a fabulous incentive, but buying the wrong home can end up costing you a lot more.

7. Leave Time to Handle Standard Contingencies: The typical purchase contract may have several contingency clauses, for such things as a home inspection, obtaining financing and even the sale of the buyer’s current residence. Fortunately, standard contingencies in a contract won’t prevent it from qualifying for the tax credit. However, the more contingencies you have in a contract, the greater the risk that it won’t close.

8. Be Careful of Short Sales: If the home you want to buy is offered as a short sale, qualifying for the tax credit may become more difficult. Short sales require that purchase offers be approved by both the seller and the sellers’ lender, and lenders often are slow about responding. Waiting for lender approval could leave you without a binding contract on April 30.

Ready to start shopping or have a home to sell? Call The Jansen Team, we are always here to provide you with professional, friendly service!