The home buyer tax credit will expire on new accepted offers in the Eugene and Springfield area after Friday! There has been a huge surge in home sales leading up to this expiration. New home sales were up 26% nationwide last month and existing home sales were also up significantly.
What this means is that a lot of people that have been waiting are finding out that there are multiple offers being submitted at more people try to take advantage of the tax credit before it expires. I have been asked if I thought the tax credit would be extended like it was the last time and the difference I see this time is that there is no concerted effort in Congress to extend the tax credit. The feeling is that the housing market is on the rebound and doesn’t need the stimulus that the tax credit provides.
If you have questions as to how the tax credit works, here is a very instructional (if a bit dry) video provided by the National Association of Home Builders after the credit was extended last time:
Additionally, any offer accepted by Friday must be closed and funded by June 30, 2010. That means there will probably be a bubble of loan applications making their way through the system for the next two months. I would suggest you pick a lender (like Alpine Mortgage Planning), that has a history of closing on time.
Isn’t it time to make the move into your new home? I am Fred Chamberlin, Senior Mortgage Consultant at Alpine Mortgage Planning, 1200 Executive Pkwy., Eugene OR 97401. I am here to help you with the mortgage loan process and also help you avoid stress. You can reach me at 541-342-7576/541-221-3455 cell or by e-mail. Trust experience to help you with your Eugene/Springfield mortgage questions. One final note, this is not limited to Lane County but can be used anywhere we are doing business. Call today!