Mewborn Team Real Estate Consultants: CoastalLuxurySanDiego.com

August 25th, 2009

Time Running Out For First Time Buyer Credit!!!!

Categories: Buyers, Carlsbad Market Trends, Encinitas Market Trends, Home Loans, La Costa Market Trends, Oceanside Market Trends, Real Estate FAQ, Relocation, San Elijo Market Trends

Carlsbad, CA – If you are a Carlsbad, La Costa, Oceanside, or San Marcos buyer who was hoping to take advantage of the first time home buyer’s tax credit – YOU BETTER HURRY! We are finding a number of things in the current market place:

1. The tax credit expires on December 1st, 2009.  That means all real estate purchases have to be CLOSED before then.  You can not still be in escrow.

2. If you were hoping to use the tax credit – you can no longer buy a short sale.  Most short sales take about six months to complete.  There is no longer time to complete the short sale process and close escrow before November 30th.

3.  Because of the large amount of buyers, there are often bidding wars on properties under $400,000.  If this is your price range, be prepared to make full price offers, and often be forced to counter above asking price.

4.  Financing is still tight - and slow!  Most “easy” mortgages are taking around 45-60 days to fund. 

If you are looking to take advantage of this First Time Buyer Credit – please consider all these facts above.  In order to close by November 30th, you probably need to be in a contract by September 30th.  You need to be prepared to make strong offers, and you need to work with your professional team of real estate and mortgage consultants to keep the process moving quickly.

If you have any questions about Carlsbad, La Costa, Encinitas, Del Mar, Oceanside, or San Marcos real estate, please call The Mewborn Team.  We specialize in coastal luxury San Diego real estate.  We are happy to serve as your personal real estate advocate!

Tags: Carlsbad real estate, La Costa Real Estate, Oceanside Real Estate

Posted by Mike and Amy Mewborn//