No one knows for sure what will become of the buyers who missed out on the tax credit offering. Will it be extended or modified to incorporate all buyers? Who knows but for one, I wonder if we will become a JCPenney's country where sales, discounts and incentives are expected for consumers to purchase anything? If I were a buyer right now, missing the tax credit, I'd certainly be waiting to see what next offering will come to "encourage me" to buy a home.
I feel we could see a bit of a lull if buyers do wait this winter for another incentive, but hope I am wrong!!
See what this article predicted after the 2008 tax incentive...
If you're a first time buyer hoping to tap into the tax credit this year, you already know you need to close on or before November 30, 2009. For many who require an FHA loan, it's just about the last week to make an offer on a home and get the process started. This is because of the length of time it will take to process the loan, oftentimes 45 days.
For those first time buyers who are fortunate enough to obtain conventional financing, there is still some time to shop, and SELLERS this is a great time to list at the RIGHT PRICE if you want a chance at selling before winter! The conventional loan process takes closer to 4 weeks and is a lot more flexible than FHA financing.
Appraisers, too, are feeling the pinch! They are forced to turn over their appraisals at record speed these days to help buyers meet the tax credit deadline. Everyone is working double time on behalf of the buyer and, in the end, the buyer receives their credit that will hopefully help stimulate the economy during the year's most challenging time- winter.