The count-down is on for Utah home buyers. Just over three weeks until the expiration of the home buyer tax credits. This places pressure for many who want to take advantage of the $8,000 tax credit for first time buyers, or $6,500 for move up buyers.
In order to get the tax credit the home you are purchasing must be Under Contract by April 30th. This means that the written contract, with agreed upon terms signed by both buyer and seller, are dated by the end of the month.
To qualify for the first time buyer tax credit you must not have owned a home in the last three years. To qualify for the $6,500 move up credit you must have owned the same home, and lived in it for at least five years.
If you’ve already looked at all the current homes for sale, and just can’t find one that’s right for you, you’re not completely out of luck yet. There are still many homes coming on the market every day, but only for 24 more days. Being that it usually takes a few days of negotiating before the details of the offer are finalized and actually placed “under contract” you’re looking at more like 21 days of new listings.
If you still can’t find the home you like in the next 21 days, you don’t miss out on the home buying experience, you can always buy later, but you will miss out on an $8,000 discount.